Following the launch of its development finance pricing from 9.35% p.a., Assetz Capital, a leading funder in SME property finance, announces the launch of a series of lower priced products – all under 10% p.a.

These are designed to support the residential refurbishment market as well as property developers involved in town regeneration schemes.

The new pricing covers:

• Development exit loans for residential schemes from 9.5% p.a. – for developers aiming to maximise their profits from a scheme as it enters the sale of its final units.
• Residential refurbishment from 9.75% p.a. – enabling the conversion of existing property.
• Planning Assistance Loans from 9.5% p.a. – allowing experienced developers to progress the conversion of commercial property to residential, prior to gaining full planning permission.

Andrew Fraser, chief commercial officer at Assetz Capital, said: “We’re excited to bring these newly priced products to market now, complementing our sub 10% ground up development finance rates, which have been warmly received by the market.

“At Assetz Capital, we believe that both the refurbishment and urban regeneration markets are vital components in the Government’s strategy to ‘get Britain building again’.

“The already large amount of vacant commercial and business premises will likely grow as business continues to rationalise the commercial space it requires, while the use of city centre retail space continues to fall.”

“We also believe that many urban areas in decline, with empty offices and high streets, could have new life breathed into them through the conversion of empty and decaying spaces. This is an area we specialise in and have already helped many property developers in this sector.

It is estimated that there are 165,000 privately-owned commercial and business premises currently empty across the UK with an additional 7,000 commercial and business premises owned by local authorities having been vacant for over 12 months. These numbers will likely grow as business continues to rationalise the commercial space it requires, while the use of city centre retail space continues to fall.

This update follows recent news of over £30m of transactions completed across properties in Belfast, Surrey, Glasgow and Leicester – highlighting Assetz Capital’s truly national coverage.

Over the next three years, Assetz Capital is gearing up to exceed the milestone of £2bn in funding with the support of five key organisations, providing deep funding lines to continue their ambitious growth.