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Bridging Planning Gain Facility

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%

Darego Capital Bank subscribes to the Banking Code and the Business Banking Code.

We are also a member of the Financial Services Compensation Scheme (FSCS) and are covered by the Financial Ombudsman Service.