The product solution is designed to help experienced property developers to acquire commercial buildings with the intent of securing PBSA, or PRS planning permission for onward redevelopment during the loan period — there will also be an option to convert the facility into a new refurbishment loan upon gaining successful and implementable planning permission.

With its new 10.5% fixed launch rate the planning assistance loan scheme, aims to support developers following a period of significant interest rate volatility. 
The scheme will see Assetz deploy a further £100m over the next two years to property developers.

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Andrew Fraser, CCO at Assetz Capital (pictured above), commented: “This new product will provide £100m of funding to developers in acquiring commercial property with a residential conversion focus over the next two years.

“We will consider commercial properties with clear residential-led development potential — we want to support realistic projects and be part of the larger repurposing of city centres across the UK.

“There are vast amounts of opportunity to convert these underutilised commercial sites in our city centres, so we’re excited to be part of the solution to drive residential development over the coming years.”