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Funding advice please

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  • Funding advice please

    Hi, Im new to the board and newish to property development (Im a PQS), I was hoping some people on here may be able to help.

    I have recently been interested in renovating a old building close to myself, the property has been left to deteriorate and after an arson attack planning permission was sought to demolish and build an new block of flats. This was rejected on the grounds the building had "Historical Architectural Benefit".

    I have recently found out it has been confirmed there at bats in the belfry (no pun intended). which means there is no chance of the property getting permission to be demolished, and from what I have found out about the owner hes the sort who will leave it to naturally collapse and therefore required demolition. However, I believe if I approach he would be willing to sell it to get it of his hands.

    Sorry for the waffle just want to give some background.

    Im aware the bats nest would be required to be protected and can work around that and ultimately if I can get it renovated I would want to move in.

    However I'm falling against a problem..... Funding.

    Im not a home-owner and do not have any "assets" so effectively this would be a first time home. Im confident I can secure between 70-95% of the purchase and renovation cost with a mortgage, however this leaves me up to 30% short.

    Im aware there are grants available for project that save historical buildings and derelict buildings and have been trying to find out where I can apply for any. Unfortunately I seem to be running in circles. They all seem to try and point you to each other and contacting the right person in the council is still eluding me, letters have not been replied to, phone calls hes out, visiting in person, "the person you need to speak to is out"

    I really don't want to let this slip away from me but also I don't want to start the barrel rolling without knowing I have a least a chance of being able to renovate the place.

    Any advice Id be so grateful.

  • #2
    It seems like you're really missing a business plan, as that's what you're effectively talking about.

    Additionally, you'll tend to find that grants and loans are conditional on you raising at least some of the capital directly yourself. In other words, that you are prepared to invest in your own risk, rather than expect everyone else to do it.