Take advantage of Permitted Development changes with Short-Term Finance
Here to Help – Heavy Refurb Bridging
Under new ‘Permitted Development’ rules which have recently been introduced by Government, residential homeowners are now able to add an extra two floors to their homes without the need for full planning permission.
Also, full planning applications will no longer be needed to replace “unused” buildings, including commercial and retail properties, into homes and other uses. This will be of particular interest to many professional investors and developers.
What constitutes ‘Heavy’ Refurb bridging?
Lenders will have differing criteria for determining this but the following is what is generally referred to as ‘heavy’.
- Structural changes (e.g. two rooms made into one)
- Planning permission required
- New extension or building (on the same land)
- Change of property purpose (e.g. commercial to residential)
- Adding new floors
- Changing the footprint of the building
Property development and refurbishment finance can be complex but that is why we’re here. Our expert team is here to make this easily accessible to you.