Most bridging lenders would look at this lot. The loan that fits: Conversion, as this is planning or permitted development to create homes is stated.
- Likely loan
- Up to 70% of the pricePlus up to 100% of the works
- On the expected hammer
- About £1,852,000The guide plus 15%; Savills lots have sold at +22% on the guide (median of 248)
- Example rate
- 0.95% to 1.25% a monthArrangement fee about 2%
In its favour
- In the Home Counties (Mole Valley)
- Sold vacant
Information a lender will need first
- Planning constraints: conservation area, listing, Article 4, flood zone and trees
- The planning decision notice: reference, decision date, description and expiry
- Which pre-commencement conditions are discharged, and whether a material start has been made
- CIL liability and payment, the section 106 obligations and biodiversity net gain
- The floor area (an EPC or a floorplan)
What a lender will ask you for on a conversion
- Photo ID and proof of address
- Proof of your deposit and where it came from
- The legal pack, read by your solicitor before you bid
- Your exit plan: sale or refinance, with evidence (comparables, or a mortgage in principle)
- The planning decision notice and the conditions
- Drawings and a schedule of accommodation (unit sizes)
- A build cost breakdown
- A development appraisal: value of the finished homes, costs and profit
- Your contractor and professional team, and schemes you have done before
- The CIL, section 106 and biodiversity net gain position
- A valuation, which the lender instructs
We have access to lending of up to 75% of the purchase price, with up to 100% of the build cost. Tell us about the lot and we can put you in touch. Ratings and figures are a guide from the published facts, not an offer of finance or advice. Surroundings from OpenStreetMap (© OpenStreetMap contributors); stations from NaPTAN.