Remember to under-promise and over-deliver.

Although Reston as a whole has experienced this as well, with a 23.8% vacancy (Source) for the entire submarket, the Reston Town Center in particular has just a 4% office vacancy, with Boston Properties Group, planning to deliver another 1.1 million square feet with Reston Next.Boston Properties Group (BXP), is currently the largest publicly traded developer, owner, and manager of Class A Office property in the United States.

This transaction resulted in a strong return on investment, showcasing our ability to execute a strategic flip that maximizes profits and delivers value to our partners.

Developers usually have expensive bridge debt on their construction projects, and a heavy incentive to deliver their inventory as rapidly as possible.

If that was the case and they delivered that return they could raise $1 trillion as who wouldn’t want a 40% return….

Unused contingency funds, unless they were received directly from the borrower, must be used to reduce the outstanding balance of the renovation mortgage after all of the renovation work has been completed and the certification of completion has been obtained.The loan is not re-amortized.Draw Schedule:The HomeStyle program has a maximum 4 draw process.The initial draw can be up to 50% of the total project and can be for materials for the project.The final draw will be at least 10% of the total project as retainage and funds will be released upon receipt and approval of final inspection, Certificate of Completion from Appraiser, signed All Bills Paid Affidavits and Lien Waivers.Additional Draw Information:Ø Signed Draw Request by borrower and contractorØ Signed All Bills Paid AffidavitØ GMG review and approve the draw request and will release funds for disbursementØ A check will be issued in the name of the borrower and contractor and delivered to borrower via USPSØ An inspection of work to date will be performed at 50% completeFinal Draw Information:Ø Signed Draw RequestØ Final inspection/Completion Certificate will be required for release of final fundsØ A Title Update showing property free from lien or encumbranceØ General Contractor’s Lien Waiver AffidavitØ Affidavit of Completion GR will review and approve the draw request and will release a check in the name of the borrower and contractor.Change Orders and Cost Overruns:Changes to the initial plan are not permitted unless prior approval by Guaranteed Rate.

I would make it a condition of the offer that the property needs to be delivered vacant. 

Providing fixed costs, factory monitored conditions/precision and rapid timelines (as short as 2 months for a full 4 unit apartment to be delivered and rentable to our site), we are strong believers that modular is the future of real estate. 

Know your boundaries and work on delivering an excellent service to your best clients/referral partners.

What if the new tenant cancelled their lease because we failed to deliver a ready apartment to them?