Stanbic Bank Ghana is urging real estate developers to improve how they prepare their projects. The bank says developers must build strong fundamentals. This will help them get the financing they need. Kobby Bentsi-Enchill, who leads Investment Banking at Stanbic Bank Ghana, shared this advice. He spoke at the Africa Real Estate Festival. Industry leaders gathered to discuss stalled property development.
Mr. Bentsi-Enchill explained that a project's idea is important. However, it is not the only thing that matters. Strong preparation is what makes a project fundable. This includes having complete paperwork. It also means having believable financial forecasts. Clear land ownership and a plan for selling the property are also vital. These elements show that the developer has thought carefully. This builds confidence for banks like Stanbic.
Many developers want to access funding. But too many proposals fail. This happens not because people don't want to buy property. It is often due to poor packaging of projects. Mr. Bentsi-Enchill stated that the real estate sector in Africa has great potential. Stanbic Bank wants to support this growth. However, banks must protect their depositors and shareholders. They do this through careful checks, called due diligence. This process ensures projects are sound and will last.
To get financing, developers should get expert help early. They should hire experienced consultants. These consultants can be technical or financial experts. Developers should view these fees as an investment. This is not an extra cost. Getting good advice helps proposals speak the language lenders understand. The developers who often get funding surround themselves with the right people. This includes professional quantity surveyors. A good legal team and a financial adviser are also crucial. These professionals ensure a developer's proposal is attractive to banks.
Stanbic Bank Ghana is committed to the real estate sector. The bank sees financing this sector as a key business goal. It also helps Ghana's overall development. Well-planned real estate projects create jobs. They also generate money for the government through taxes. These projects help meet important infrastructure needs. Stanbic Bank aims to be a reliable partner. This is for developers who are serious about building responsibly and correctly.