The construction costs are covered by the Senior Debt Lender within the facility offered to the SPV.
The main contractor is paid on reimbursement terms, meaning they have to do the work in order to get paid. There is no such thing as an upfront deposit.
Every month the main contractor has to submit an application for payment, which is reviewed by our Employers Agent (EA) for approval. Once the EA agrees an amount with the main contractor, they submit a payment instruction to the Senior Lender’s monitoring surveyor for payment.
In some cases, large ticket items on long lead times might require a deposit being paid to a subcontractor. These items typically relate to steel frames, windows & doors, precast or cast in situ floors etc. We safeguard our position by ensuring the subcontractors enter into a vesting certificate prior to the release of any payment. Along with the vesting certificate, they also have to submit photos of the materials in their factory detailing “property of SPV”. The subcontractor is also required to detail the Senior Lender as the first loss payee on their insurance policy before the Senior Lender will release the payment.
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JaeVee is a trading name used by all companies within the JaeVee Group of Companies, including JaeVee Holdings Ltd. JaeVee Holdings Ltd is registered in England & Wales with company number 10172481. The registered office of the company is Studio 9 Netherconesford, 93-95 King Street, Norwich, NR1 1PW.
JaeVee Holdings Ltd (10172481) undertakes unregulated loan brokerage business that does not entail consumer credit or regulated mortgages. Arrangements by Group Companies to issue their own shares constitute unregulated business pursuant to Article 34 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (RAO).
Information about investments is only available to investors who demonstrate that they qualify as high net worth individual investors or sophisticated investors or otherwise fall within categories of investor who can receive financial promotions from unregulated persons in accordance with the requirements of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (FPO). Property investing carries the risk of losing some or all of the capital invested. JaeVee does not provide investment advice and investors who are in doubt about whether investing is right for them should consider seeking advice from an appropriately qualified professional adviser.
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Investing in JaeVee involves risk, including loss of capital and illiquidity and it should be done only as part of a diversified portfolio. Investments made through JaeVee are not covered by the Financial Services Compensation Scheme (FSCS). Please read our full risk warning before deciding to invest.
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