Assetz Capital sees rise in commercial to residential conversion cases
Assetz Capital has seen plenty of standard residential bridging and auction properties as well as an increase in commercial to residential conversions.
Laleta Buctkuar, who joined the peer-to-peer lending platform as relationship director for the East Midlands in July, said the conversions are commercial units with residential planning and buy-to-let properties being turned into houses in multiple occupation (HMO).
Buctkuar added that she has seen commercial property enquiries with planning to change use and convert planning or land acquisitions.
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“Currently, I am seeing quite a lot of standard residential bridging, including some which require light refurbishment,” Buctkuar said in a blog on Assetz Capital’s website.
“Also, auction properties, both residential and semi commercial in the main, which require time sensitive completion.
“I’ve seen an increase in conversion too, whereby we have a commercial unit with residential planning and buy-to-let conversions to HMO.
“Also on my desk at the moment are commercial property enquiries with planning to change use and convert planning or land acquisitions, which may require planning amendments to be in play for exit to development finance.”
Yesterday, Assetz Capital said that it has a loan pipeline of more than £20m to keep up with investor demand in the coming months, after revealing earlier this month that it has now restarted retail lending across all its loan products.
Last week, the platform appointed four relationship directors, Jarrod Latham, Michael Baker, Ciaran McGivern and Ricky Humphreys, to strengthen its origination team.