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PXS has designed a scheme specifically for developers will buy unsold px stock in bulk releasing an immediate cash amount equal to 60% of surveyors valuation. We then make an additional second payment on resale, equating to a total payment of 85% of final sales price.
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| Portfolio Exchange - a working example: |
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| Surveyors MV |
£160,000 |
| PXS pay an initial 60% to developer |
£96,000 |
| PXS sales price |
£140,000 |
| PXS payment to developer |
£23,000 |
| PXS retain sum already paid + 15% fee |
£21,000 |
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| Total received by developer - 85% of resale price |
£119,000 |
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The benefits to developers are:
- Provides an immediate release of capital
- Quick and discrete disposal
- No further balance sheet write downs required and the need to reassess values
- Transfers responsibility of marketing, selling and managing stock
- No further risk of falling house prices
- Explicit charges - 15% of the resale value with no additional costs
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