Buildbackers provides a new lifeline to property owners so they don’t have to sell below market value

24 August 2020 - London, United Kingdom

COVID-19 and the ensuing economic turmoil has created an uptick in distressed properties in the UK and across the globe. New investment funds are being created to take advantage of the opportunities presented by the distressed property markets. Buyers of property, both private and institutional, are pushing for discounts on their next buy, sometimes even after a pre-sale agreement has already been made, after their previous offer has already been accepted. They know that many of the sellers are under financial strain and would likely be forced to accept their drastically reduced offers.

It’s a very uneven playing field for distressed property owners at the moment. They are at a huge disadvantage now more than ever.

“It’s just sound business to buy low and sell high. You can’t blame buyers for doing what is natural and logical from a purely business standpoint. But that justification doesn’t make it any better for the distressed sellers. Nobody is protecting them,” says Buildbackers co-founder and CEO Tom Farrugia.

“That’s why we have created Builbackers. We want to be a lifeline to every distressed seller. We want them to have a company that is in their corner, looking after their interests. We want to be the first institution with the expertise and resources to help every property seller realise the true value of their property. We know most of them don’t have the funds nor the expertise to improve their property prior to selling. We can do all that for them. We provide the funds, expertise and supplier networks to improve their property and sell at optimum price. We get our compensation only upon completion of the sale, with the profit split 70/30 in favour of the owner,” Farrugia adds.

Buildbackers Limited is a PropTech startup in the UK engaged in the business of funding and undertaking development projects for private property owners looking to sell their property. Buildbackers will partner with the original owner to maximise the market potential of the property.

Their services include a comprehensive online questionnaire which allows users to input details of the state of their property and their financial targets for the sale. Upon completion of the questionnaire, users will receive an instant offer including valuation of the property, recommended improvements, estimated investment required from Buildbackers, forecasted final price of the developed property and estimated share of the profits for both the owner and Buildbackers. This is then supplemented by an actual survey of the property by a chartered surveyor and issuance of a final offer and contract to the property owner.

Buildbackers leverage a network of industry partners – solicitors and conveyancers, property developers, material suppliers, real estate listing companies, real estate agents and other property professionals – who give them exclusive deals and privileges that allow them to save on development and marketing costs for the property, a significant advantage that is otherwise not available to a regular private property owner.

Tom Farrugia
Co-Founder and CEO
Buildbackers Limited
tom@buildbackers.com

209 Havant Road, Drayton, Portsmouth PO6 1DA
Tel: +447703331220

Buildbackers is the first online platform in the UK where property sellers without the funds and know-how to develop their property can go to in order to get their property developed and sold at maximum potential value. Buildbackers will fund and undertake improvement works on the property and will only collect our investment after the property is sold, with profits split 70/30 in favour of the property owner.

Our expertise in property development and the property market, the resources we have at our disposal as an organisation, and our network of industry partners from solicitors to builders to construction material suppliers to real estate agents, enables us to develop and sell each property at lower costs, higher quality, less time and at a much better sale price.

This release was published on openPR.