Insurance and finance advisory firm, J3 has saved developer Grange Country Homes £15,000 through its insurance advice.
Grange Country Homes (GCH) instructed J3 Advisory for its building warranty insurance when an insurance provider made several arduous requests, including the need for an additional £18,000 to be held in escrow. GCH were reluctant to proceed without fully exploring their options.
J3 Advisory’s head of business development, Daisy Neall presented the project and its associated risks to J3’s panel of insurers and quickly secured several alternative terms from the market. She was able to remove the need for an escrow and secured an alternative quote that offered a 35% saving on the building warranty insurance.
She explained: “Price shouldn’t be the be all and end all when arranging warranty, but it is really pleasing to be able to save a developer a significant sum while still ensuring the project is protected.
“When we work on a bespoke development like this, it’s important that we approach our A-rated insurers who have suitable appetite and experience. It was therefore pleasing to be able to provide the client with a ten-year policy that is fully compliant with UK Finance and gives full access to the lending market.
“I look forward to seeing this scheme take shape and working with Grange Country Homes on future projects.”
The new build project has an anticipated gross development value of £4m and the quick turnaround enabled Grange Country Homes to proceed with building its nine stylish and contemporary two and four-bedroom homes as planned.
Stephen Kelly from Grange Country Homes, added: “We really appreciate the advice that J3 has provided. Our first experience using J3 has been really positive, Daisy’s expertise was invaluable in finding us the ideal protection at the best price-point. We’re grateful for the advice and look forward to working with them in the future.”