These new customers approached the Bank to assist with the purchase of a redundant building previously in institutional use as a hostel. The property is situated on a large plot in an established residential area on the South coast.
Whilst planning permission was not held, the planners provided a positive indication that consent for change of use to residential would be feasible subject to details of design and density. The Bank provided funding at 75% of the site purchase price.
Our customers are in negotiations with the planners and indications are that a replacement building comprising 10 apartments with an additional 4 units in the rear garden area will be approved.
When a suitable permission is granted we shall fund this development of “affordable” housing.
Loan: £694,500 representing 75% of site and costs
Loan to Value: 75%