How it works
The mechanics, in full.
Longer and drier than the rest of the site, deliberately. This is the page to read before a conversation rather than after one.
The deal lifecycle
Every project runs the same sequence: source, underwrite, acquire, retrofit, verify, then hold or exit. The order matters. The retrofit is specified and costed before exchange, so the works are a known quantity at the point of purchase rather than a discovery afterwards.
A project can stop at any stage before exchange, and some do. A survey that reveals a problem without a sensible solution ends the deal — that outcome costs us a survey fee and saves everyone a great deal more.
How a property is underwritten
Two appraisals run side by side. The financial appraisal covers purchase price, costs, finance, holding period, projected exit and sensitivity to each. The energy appraisal covers the current EPC and SAP position, the measures needed to reach the target band, and what those measures will cost.
If the second appraisal breaks the first — if the cost of reaching a sensible standard exceeds the value it creates — the deal does not proceed. That single test is what keeps the environmental claim and the financial claim honest with each other.
How retrofit cost is controlled
Scope is fixed before works start, contractors are vetted and priced against that scope, and variations are documented rather than absorbed. Contingency is held explicitly rather than hidden inside optimistic line items.
Older buildings still produce surprises. The honest position is that a retrofit budget is a well-researched estimate, not a guarantee, and the contingency exists precisely because that is true.
How returns are generated and distributed
Value is created in two places: the difference between what a property is worth as found and what it is worth once refurbished, and the rental income an efficient, well-let property produces while it is held.
We publish no target returns, yields or projections on this website. Our investment model is still developing, and a number published today would be a forecast dressed up as a fact. Any figure you are given will come directly from us, in writing, alongside the appraisal it is derived from.
What happens if a project runs over
You are told, promptly, with the reason and the revised position. Reporting exists so that nobody has to ask how a project is going, and a delay reported late is a much larger problem than a delay.
How overruns are handled contractually — who carries the cost, and what happens to the timeline — is set out in the documentation for each opportunity rather than generalised here.
How and when you can exit
Exit routes and timing depend on the structure and are set out per opportunity, in writing, before anything is committed. Property is illiquid: assume your money is committed for the full term and possibly longer.
Fees, and who pays them
Fees are set out in full in the documentation for each opportunity rather than summarised on a public page. You should expect to see the fee schedule before you commit to anything — and to treat a reluctance to provide it as a reason to walk away.
Tax
Tax treatment depends on your circumstances and on the structure, and can change. We are not tax advisers and will not pretend otherwise — take independent advice before committing to anything.
Documentation checklist
Before funds move you should expect to have seen: the full appraisal, the retrofit specification and target rating, the legal agreement, the security arrangements where they apply, the reporting schedule, and the fee schedule.
If any of those is missing, ask for it. A reluctance to provide any one of them would be a reason to walk away — from us or from anyone.