“The government’s announcement to relax the planning rules for homes and businesses could be a good opportunity for the specialist lending industry.
“We’re predicting that the changes will see an increase in the number of people looking to extend their homes or business premises.
“As the criteria of many traditional lenders remains tight we believe many consumers and business owners will increasingly turn to alternative sources to fund their projects.
“The possible and most viable routes to raise the required funds could be through a secured or commercial loan.
“Depending on the nature of the case, a bridging loan might also be an option – creating a timely opportunity for the specialist lending market to become more mainstream, bringing increased business to brokers.
“Whilst this move will be welcomed by the industry the question is how will people fund these projects?
“Most people might consider going to their current mortgage provider but with remortgages and business loans becoming increasingly difficult to secure this might not be a workable option.
“With traditional lenders being much more selective about who they lend to, be it a credit card or personal loan and especially business loans, property owners will need to consider alternative sources of funding. This is especially the case for those who might not meet with a lender’s strict criteria.”