Assetz Capital has completed a planning assistance loan to support the acquisition and conversion of a former seafront guest house in Worthing.
The deal, struck with a long-standing client, will enable the borrower to seek a change of use to full residential (C3) and redevelop the property into a 13-bed house in multiple occupation, adding fresh housing stock to the coastal town.
The loan facility includes provision for interest carry costs during the planning process, allowing the borrower to focus on the transition without immediate financial strain.
Jake Hiskett (pictured), 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.”
The transaction comes shortly after Assetz Capital cut rates across its refurbishment and bridging products, including a reduction in its planning assistance loan rate to 9.25% a year.
The product is aimed at helping experienced developers unlock regeneration and conversion schemes at a time when planning delays and market uncertainty remain significant obstacles.
