We offer short term, low interest loans for properties that have been empty or unused for at least six months.
The loans are to help with repairs, renovation or conversion to bring properties to the decent home standards, and the Cornwall Rental Standard.
Loans are available:
- up to £60,000 are available for single dwellings
- up to £210,000 where a project involves multiple units of accommodation
Properties that may benefit include:
- existing single dwellings
- single dwellings being sub-divided to create more units of accommodation
- non-residential buildings which have achieved planning permission for the
- creation of residential units
- unused spaces in buildings such as above commercial premises
The more units of accommodation refurbished/created the greater the loan amount available.
Loans are secured by way of first or second legal charges on the empty/unused properties, or other properties which have sufficient equity.
There are no monthly repayments to make.
Loans are repaid in full on the sale of properties, or within 3 months of the completion of works if owners are retaining ownership.
Our loan information leaflet gives further information.
The policies enabling the recent changes to the loan are below;
Submit an enquiry to see if you may be eligible for a loan:
to fit new bathrooms and kitchens
improving the external appearance of a property such as replacing windows.
Owners of large empty/unused properties creating a number of units of accommodation have the potential to access larger loan amounts. There is no restriction on the type of property that can be assisted if owners have relevant full residential planning permission.
Some examples would be former office space, empty/unused space above shops, pubs, and former nursing homes. On completion of works owners can either repay loans within 3 months or sell enough units of accommodation. So, for example, if converting to 7 units then an owner could either refinance to retain ownership of all the properties or sell enough units to facilitate repayment of the loan whilst retaining the remainder.
You were a cash buyer
Inherited a property
if a property is suffering from mundic decay. The loan could be used to undertake necessary remedial works so that the property becomes mortgageable.
properties of 'Cornish unit' construction. The loan could be used to undertake works to bring it up to mortgageable and habitable standards.
Most issues can be resolved online, it's the quickest and most convenient way to get help.