Glasgow lender launches Permitted Development product

Following the permitted development rights which came into effect in April last year, Development Finance Ltd has launched a bespoke loan package for clients who are considering permitted developments.

This product was inspired by an increase of farmers and owners of derelict rural properties approaching the lender looking to convert their old buildings into residential properties.

David Levitus, director of Development Finance Ltd said: “We have had an increasing amount of enquiries regarding development funding to convert farm buildings such as barns, sheds and byres which are no longer suited to modern agriculture. That is why we created a brand new product – Permitted Development Loans.

“This type of development finance is pretty specialised so we have launched a bespoke loan package that takes our clients through the lending and development process.”

The permitted Development Act allows disused buildings of up to 450 sq metres to be converted into a total of three residential units, however other planning procedures need to be met. The current legislation also states that converted properties must be occupied by 30th May 2016.

Development Finance Ltd stated that it is able to give recommendations on reputable builders and development partners for anyone looking at Permitted Developments.

Mr Levitus added: “We have found in the farming sector, linking up farmers with the appropriate builder or developer can take a lot of the pressure off - knowing they are working with someone who has come from a recommendation.”

Development Finance Ltd was recently ranked 6th in the Business Insiders Spirit 100 list which names the fastest growing small companies in Scotland.