Thank you to those who tested it with real deals. LINK HERE TO APPRAISAL We’re still in test mode, so the appraisal didn’t automatically email back yet. The numbers were captured correctly and the reports were sent out this morning once I’d reviewed them. It’s really helpful seeing real schemes go through the system. The aim is simple. Help developers assess opportunities quickly so you can decide which deals deserve your time. I also spent part of the weekend talking to Claude and building the next step. A landing page that presents the deals coming through the appraisal tool in a clear format. The idea is that your projects can be displayed properly with the key numbers and assumptions behind them. Still early, but it’s starting to come together. If you’re reviewing sites this week, keep using the tool. Real deals are the best way to refine it. LINK HERE TO APPRAISAL

I’m reviewing a development appraisal this morning and thought it would be useful to get some thoughts from the group. Headline numbers: GDV: £6.3m Total development cost: £5.27m Profit: £905k Return on Cost: 17.2% For most equity partners or development funders this is a little tight. Typically we’re trying to get schemes closer to 20–25% return on cost. The main pressure point here is the land value is locked at £1.1m, which leaves the developer profit a bit thin. One option we’ve been discussing is restructuring the land so the landowner stays in the deal. For example: Land value: £1.1m Plus 30% share of development profit Based on the current appraisal that would give the landowner roughly: £1.1m plus £270k profit share= £1.37m total Which could make the scheme easier to fund and improve the developer’s equity return. But before progressing it further I’d be interested in the group’s thoughts. A few questions for the developers here: 1. Would you progress a deal at 17% return on cost in the current market? 2. Would you prefer to renegotiate land value or bring the landowner in for a profit share? 3. Any other structures you’ve used that have helped unlock similar deals? Always interesting to see how different developers approach these situations. Would love to hear your thoughts.

We’re about to send this case study out to our wider network, but I wanted to share it here first. A developer approached us seeking funding terms for a 5-house residential scheme with a £14m GDV. The least aggressive terms required £1.23m equity and provided around 55% leverage. After reviewing the deal and speaking with lenders, we were able to restructure the facility to: • £9.64m loan • £225k equity required • 70% leverage So the developer will potentially be able to move forward with over £1m less equity into the deal. I’ve attached the funding comparison so you can see some options from the market side-by-side. If you're working on a scheme and want a second opinion on the funding structure, feel free to share it in the group or drop me a message. Always happy to take a look.

Getting schemes ready for submitting for planning? As an experienced planning consultant, I wanted to flag a couple of things to the community - new planning appeal procedures, and increased planning application fees, both coming in on 1st April 2026. The primary change relates to Written Representations appeals, and the prospect of appeals being determined on the basis of the detail within the original planning application only. With no opportunity to supplement this or bring in new supporting evidence. Planning Inspectorate guidance states, “There is no opportunity for the appellant to submit new evidence not already seen by the LPA unless there has exceptionally been a material change of circumstance.” Any schemes of any complexity and which have the potential to end up at appeal must be submitted as robust planning applications with sufficient technical material that - if it needs to be relied on at appeal - gives your scheme the best chance of success. This includes comprehensive planning justification, and a full suite of supporting technical material. I'm well-placed to support planning applications of all scales and across multiple sectors, either co-ordinating and running the application itself, or providing a standalone planning statement as might be required. Good planning advice and support will be more important than ever. Also be aware that planning application fees will be increasing by 3.8%. Also effective 1st April 2026. This is the second of what is now an annual increase in line with CPI. Give me a shout if you want to know more or if I can be of any help!

Something interesting happened on Coffee Hour on Wednesday. @Markus Cox joined the call. I haven’t spoken to Markus for about five years, but he joined the group after receiving one of the emails and suddenly we were talking deals again. It made me think how many people sit on our mailing lists where we assume an email equals a conversation. Most of the time it doesn’t. It took a smaller room like this to recreate that connection. @Andy Everett also dropped in briefly. Unfortunately the Scottish countryside internet didn’t quite cooperate and he dropped off the call. But it was almost a very interesting moment. Markus and Andy, I suspect there is some real crossover in what you’re both doing. If you see this, I’d highly recommend the two of you connect. Moments like that are exactly why this group exists. The right people are often already in the room. They just haven’t met yet. That’s why these calls are worth turning up to when you can. Have a great weekend all. More in store for next week 💪