SME property finance lender Assetz Capital has successfully completed a planning assistance loan to support a long-standing borrower in the purchase of a former seafront guest house in Worthing, West Sussex.
The facility provides the borrower with a fully-funded structure to accommodate interest carry costs, while change of use is procured (to full residential (C3), in order to transform the property into a 13-bed House in Multiple Occupation (HMO), and bring much-needed new/fresh housing stock to the area.
Jake Hiskett, relationship director at Assetz Capital, said: “This marks our third transaction with this much-valued borrower, demonstrating the importance of Trusted Business Partnerships and Assetz Capital’s clear execution capabilities in today’s dynamic lending market.
“Our planning assistance loan has given the borrower the confidence and liquidity needed to deliver value through revised planning and conversion, while also supporting much-needed local housing provision.”
This transaction follows Assetz Capital’s recent announcement of a reduction in its planning assistance loan rates (to 9.25% pa), with the core benefits of the Loan being designed to support experienced developers unlock “regeneration and conversion” projects at a time when planning delays and market complexity are creating challenges.
