Development Funding for Permitted Development

Published by Developer Money Market -

Our clients acquired a large detached former office building, achieving planning consent for a change of use and required development funding for permitted development conversion.  The project would involve converting from offices (Use Class E), to 73 one and two-bedroom apartments (from 409ft2 to 786ft2) as well as two meeting rooms/offices and a board room. The site also had the advantage of a basement carpark and small surface carpark providing 63 spaces in total.

The specification for each apartment was going to reflect the high-quality workmanship usually associated with our clients’ former development projects. This would mean each unit would have hardwood floors in living areas and hallways, low voltage LED downlighters throughout, fully fitted kitchens with branded integral appliances, central heating, brushed chrome internal door furniture, hard wiring for internet access to principal rooms with future proofing incorporated into the design.

Funding Headlines:

• Project Location:  Derby
• Project GDV: Around £11 million
• Funding Type: Development funding for permitted development projects
• Facility Period: 16 Months

Project Location

The project is situated in the city of Derby in the east Midlands, a regional centre with strong road, rail and air link connections. The site was is a short distance from Wardwick which provides a range of restaurants and bars whilst also connecting to the city centre.

The Developers

The developers for this PD scheme had a strong track record having been active investors, contractors and developers for over ten years. Our clients also had good experience in conversions as well as being subterranean specialists.

Funding for Permitted Development Projects

Funding for permitted development projects is not always straightforward and in this case we were seeking a structured solution that required both a senior lender and a mezzanine lender. Total funding was in the region of £7.5 million.

Are you looking for development funding for permitted developments?

If you are looking for development funding for permiited development projects, then contact Developer Money Market to see what options may be available. We have more than 120 specialist property lenders for development, bridging, joint venture, VAT loans and buy-to-let solutions.

Call us today on 01244 953 360 for an informal chat about your funding requirements. Learn more about us via our YouTube Channel here.