On 22nd December 2011, the Government launched its “Get Britain Building” bidding programme which offers developers a total pot of £420m to enable work to start on stalled sites with planning permission. The intention of the programme is to address the well-known problems faced by developers in obtaining development finance. It will operate by making loans available to projects on commercial rates or by taking equity stakes in order to share risk.
The deadline for funding applications is 12 noon on 30th January 2012 and the following key criteria must be met:
– Minimum of 25 homes
– Project (re)start no later than December 2012
– Homes completed no later than December 2014
– The site must be under control of the applicant by 30th January 2012
– Outline planning must be in place on 30th January 2012
– Detailed planning must be in place by 30th July 2012
– Government funding will be no more than 50% of development finance
The bidding process will be administered by the Homes and Communities Agency.
For small and medium sized developers who are facing funding difficulties, the Get Britain Building programme offers a useful alternative source of finance to kick-start stalled residential schemes. First City is able to support your application for Get Britain Building finance by preparing residual valuations and supporting information to demonstrate project viability. Through our Planning team, we can also help with securing planning permissions and negotiating Section 106 agreements in a timely manner.
For further information please contact Chris Bywater or Phil McConnachie.
