No Use Empty Loans – New Builds

No Use Empty Initiative Loan Scheme – New Builds

NUE have secured limited funding via KCC Treasury Management Investment Strategy to bring derelict sites back to life.

Please check with the Kent NUE Team regarding availability and to discuss a potential project

The scheme operates across the 12 districts of Kent:  Ashford, Canterbury, Dartford, Dover, Folkestone & Hythe, Gravesham,

 Maidstone, Sevenoaks, Swale, Thanet, Tonbridge and Malling, Tunbridge Wells

 

The scheme provides short term secured interest bearing loans to assist developers/or owners of derelict land (or an existing dilapidated building to be demolished) with planning permission to bring back into use and provide newbuild homes.

EXAMPLE OF ONE OF THE NEW BUILD PROJECTS FUNDED WITH A NEW BUILD LOAN

With the UK experiencing challenging times and the impact facing the construction industry, initiatives such as No Use Empty are becoming increasingly important. This new loan product will further support the Kent economy as well as allowing us to regenerate local communities. The construction industry sustains thousands of people in various roles and associated sectors, boosting the Kent economy.

Criteria

  • Application Fee based on the value of the loan requested, currently 1% + VAT
  • Loans are interest bearing subject to conditions – with interest collected on a quarterly basis
  • Loans will help local developers to meet the cost of their new build project
  • Loan value will be determined by project and the availability of funds
  • Loans to let – repayment period currently up to 3 years from the date a secured first charge in favour of KCC has been registered
  • Loans to sell – repayment period is on the sale of the first unit or within 24 months of a secured first charge in favour of KCC being registered
  • Projects must be completed within the agreed project timescales and made available to rent within 12 weeks after the project has been completed (or marketed for sale).
  • The loan once approved will be made available in staged payments with an agreed initial sum paid on securing a first charge
  • The loan scheme will help create new, quality and sustainable accommodation across Kent

How do I apply for a loan?

NUE new build Loan Booklet

We would suggest that you download and read the loan guidance booklet, as this will give you important information on how the scheme works and what conditions you will have to meet to be eligible for a loan.

If you feel that you could benefit from a loan under this scheme or require further information or guidance, then please contact the Kent NUE team.

Formal application packs are obtainable on request from the Kent NUE Team at Kent County Council.

PLEASE NOTE THAT ALL LOANS ARE ADMINISTERED ON A FIRST-COME FIRST SERVED BASIS AND SUBJECT TO FUNDING BEING AVAILABLE. LOANS THAT ARE REPAID ARE RE-CYCLED TO SUPPORT NEW PROJECTS.