Converting Commercial to Residential

Taking a commercial unit and converting it into a residential dwelling is a niche area.

Our experienced team can walk you through the process, discuss funding terms and help you achieve the finance that you require.

Whether this is your first venture into this area or you are an experienced developer we have options available.

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Converting from Commercial to Residential

Converting commercial properties into residential use is an opportunity area with property developers who are developing small commercial units such as hairdressers and betting shops, into residential use, or on a larger scale converting office blocks into residential apartments. Here we look at how this can be achieved and what is involved.

Why convert commercial units into residential?

High street shops are on the decline as the footfall has decreased with the move to online shopping, which has resulted in many units being unoccupied. Additionally with the move of shops to more retail parks where everything is under one roof this has left the traditional high street with minimal visitors.

Developers see that these commercial units as an opportunity for them to add value, convert to a residential dwelling which is high in demand. Additionally, local authorities are more likely to allow planning permission for the conversion as more residential homes are urgently needed for people.

Disused office blocks are also a great opportunity to developers as they can be an eye sore on the community and provide the much needed residential space to the community.

What lenders provide finance for these conversions?

High Street lenders generally shy away from this type of lending, so there are many specialist lenders which would be willing to consider the project. These specialist lenders are available through mortgage and commercial finance brokers.

Typically you will have to put down a deposit of 30%, however if you have additional security to put into the deal a lender maybe willing to provide 100% of the purchase price and a 100% of development works.

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Converting Commercial to Residential FAQ's

Why convert commercial units to residential use?
Many commercial units are unoccupied and as there is a great demand for residential accommodation converting these units makes sense to experienced developers.
What are the costs when converting commercial property?
The costs can vary from project to project. By working with an experienced commercial broker they will be able to help provide you with a quotation tailored to your project which will outline all potential costs.
Converting Commercial to Residential
The Money Hub

Product Name: Mortgages

Product Description: Converting Commercial to Residential

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Gary has been brilliant throughout the whole process. Very knowledgeable, helpful and efficient. The service provided as a whole, has been excellent, 10/10.