"Developers are waiting around seven months for planning permission to be granted, a long time for any developer, particularly as costs of labour and materials will continue to rise during this time."
- Stewart Budge, relationship director for the South East at Shawbrook
Shawbrook has supported developer Trinity Square Developments to add additional homes to its Surrey development with its new-to-market planning assistance loan.
Trinity Square Developments, a development company with a strong construction background and an existing customer of Shawbrook, had acquired land in Kenley, Surrey, with the intention of building a single property. However, as the plans progressed, the developer identified an opportunity to expand the project to two semi-detached properties. This adjustment required enhanced planning permissions, which delayed the build. As a result, the developer needed additional funding support until the necessary planning was secured and construction could begin.
This can often be a crunch time for developers, where quick access to funding is essential. Shawbrook supported the developer with its planning assistance loan, designed to support developers with property acquisition costs, or, as in this case, manage their cash flow during the particularly challenging time of accessing enhanced permissions.
In the case of Trinity Square Developments, Shawbrook provided the loan, bridging the funding gap needed to secure approval for the expanded project. After six months, the developer then transitioned to a development finance loan with Shawbrook, who provided a bespoke facility and dedicated support to ensure the project’s ongoing success.
Rob Graham, managing director at Trinity Square Developments, commented: “Shawbrook’s planning assistance loan was the right option for us on this project as it allowed us the opportunity to increase the build to two semi-detached properties, maximising the potential of the site and elevating the project. Stewart and the Shawbrook team have been fantastic at understanding our vision and supporting us along the way.”
Stewart Budge, relationship director for the South East at Shawbrook, added: “Securing enhanced planning permissions can take time, and this can cause issues for developers who need to manage their cashflow while they wait to get building. Our research found that on average developers are waiting around seven months for planning permission to be granted, a long time for any developer, particularly as costs of labour and materials will continue to rise during this time.
We’re pleased to see the positive impact our planning assistance loan has had on this project in Surrey, and the smooth transition to our term development finance loan highlights our ability to support developers from blueprint to reality. We’ve been close partners of Trinity Square Developments for years and we look forward to working alongside them again in the future, continuing to support their long-term ambitions for business growth.”
