FEATURE
Teamwork – Members of the GB Bank team at their Middlesbrough headquarters .
much-needed residential housing to remodelling commercial units at a business park or transforming retail units on a town centre high street .
We also offer multiple entry points in the financing of property projects , allowing developers to easily move between financing solutions throughout the entire property lifecycle .
Unmet needs – of all kinds While interest rates are higher and mortgages more expensive than they have been for some time , there is no doubting a fundamental truth about the UK property market : there are currently not enough homes for the people who want to live in them .
This mismatch in demand and supply – a classic unmet need – helps to increase both the cost of buying a home and the cost of renting one .
Estate agents Rightmove recently reported that in some areas , there are an average of 25 people looking to rent every available home .
Naturally , such demand leads to increased rents , spelling potentially larger returns for landlords and which , in turn , makes building or refurbishing homes for rent a more attractive investment .
However , despite this great promise , many developers have found the current climate a testing one when it comes to raising finance via traditional high street lending .
GB Bank : bridging the gap That ’ s one of the reasons we ’ ve seen huge demand for our bridging finance products . Bridging loans used to be thought of in some circles as the finance of last resort for developers who were stretched for cash and racing against time .
But in the current fast-moving and unpredictable UK property market , bridging solutions are emerging as one of the best ways to negotiate the minefield of modern development .
At GB Bank , we combine internal flexibility with investment in technology and streamlined processes and close working with professional services partners to turn around some bridging finance solutions in less than a week .
This allows borrowers to seize timesensitive opportunities and unlock developments that can help transform their communities .
Planning for growth In case you weren ’ t aware , next year is set for a general election , which tends to bring a whole raft of uncertainties .
However , both main political parties appear to be looking in a favourable direction at development .
Get in touch
GB Bank offers flexible lending solutions for residential and commercial developments between £ 26,000 and £ 3m . It welcomes conversations around future opportunities .
Visit gbbank . co . uk to find out more .
For the Conservatives , levelling up secretary Michael Gove recently announced plans to relax planning regulations and allow the conversion of empty retail premises and betting shops into flats and houses in an effort to create more homes in “ the hearts of our cities ”.
Labour leader Sir Keir Starmer has also vowed to “ back the builders not blockers ” by building more homes on green belt land and has set an ambitious target of 1.5m new homes within five years .
And in October , an All-Party Parliamentary Group report called for more funding to be put directly into the hands of “ left behind ” areas of the UK , tallying precisely with GB Bank ’ s purpose of helping to build communities in such areas .
As ever , political promises come with a caveat of “ Wait and see ”, but it is clear the direction of travel from both main parties is in favour of greater development .
Let us hope that 2024 sees promising developments of all kinds – we ’ ll certainly be doing our bit to make sure that it does .
The voice of business in the Tees region | 79