UK bank to convert brownfield sites into residences with £100 million loan fund

A challenger bank aims to lend out £100 million to turn old commercial buildings into new homes, stepping into the funding gap following the Government’s shake-up of the planning and regeneration rules.

London-listed Secure Trust Bank said its new property conversion fund, thought to be the first pool of capital focused on brownfield construction, would support high-end and affordable redevelopments around the country.

On July 10, 2015, the British Government set out an “urban planning revolution” to try to ease the chronic housing shortage, giving suitable brownfield sites automatic permission for redevelopment. The shake-up could go further, with options including greater use of compulsory orders for certain sites.

See original article & photo credit on The Telegraph website.

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