Undesirable to undeniable: The overlooked commercial assets many lenders won’t fund.

Author: Mark Eastwood, Director of Sales at Together

Let’s start with an uncomfortable truth: lender criteria matters.

It sets the boundaries for the types of properties and projects each lender is willing to back, shaped by risk appetite, funding lines and internal policy.

Those same boundaries can often leave perfectly viable commercial properties with limited funding options simply because they fall outside of a standard checklist or their full potential isn’t immediately visible.

In practice, many of these assets are prime candidates to be re-positioned and redeveloped into successful, profitable ventures.

Here are the most overlooked commercial property types, and why, with the right approach and financial support, they can be transformed from undesirable to undeniable.

Brownfield sites

Together’s latest research, using Searchland and DLUHC Brownfield Register data, shows there are 35,896 brownfield sites across England and Wales, covering more than 500,000 hectares of previously developed land.

Collectively, this land carries an estimated as-is value of around £99bn, rising to more than £280bn once developed, highlighting both the scale of opportunity and the level of complexity that can place these projects outside traditional lending criteria.

Traditional lenders tend to approach these projects with caution. Uncertain costs, longer timelines and more complex risk profiles can make the property harder to underwrite.

Factors such as land remediation, demolition, planning delays and challenging valuations all contribute to that complexity.

This is often where specialist lending steps in to support. At Together, our underwriters have worked with hundreds of investors and developers on brownfield deals, so they have the experience and expertise to highlight potential issues early, navigate the complexity, and deliver the right outcomes when a case makes practical sense.

For example:

• Turning long-disused land beside the M54 in Wolverhampton into a £22m high-tech logistics and manufacturing hub.

• Developing 63 family homes on previously abandoned land in Yorkshire, helping to regenerate a site at the centre of an established community.

Listed buildings

Listed buildings often sit high on a lender’s “too difficult” list, despite their clear appeal and long-term potential. Character, history and location can drive strong value, but they come with layers of complexity that make deals harder to assess and structure.

The challenge is less about the asset itself and more about the constraints. Listed building consent, strict planning controls and the need to preserve original features can extend timelines and introduce cost uncertainty. Specialist materials, labour and compliance requirements can also push budgets beyond standard refurbishment assumptions.

Valuation adds another layer of difficulty. Comparable evidence is often limited, particularly where a building is being repositioned or upgraded to a higher specification, making end values harder to evidence with confidence.

This is where a more flexible, case-by-case approach becomes essential. With the right expertise, these constraints can be managed and often underpin the asset’s long-term value, shifting the focus from standard criteria to how the scheme will actually be delivered.

For example:

• Redeveloping a landmark bank building left vacant in the heart of Liverpool into the city’s latest fine dining establishment.


• Restoring a historic hotel in Preston to its former glory, inviting guests back through the doors after decades of dereliction.

Change of use or mixed use projects

Change of use and mixed-use projects are often seen as an obvious route to unlocking value, particularly where assets no longer match local demand. Conversions and reconfigurations can reposition underperforming property into something far more commercially viable.

The challenge is rarely the concept, but the delivery. Planning risk sits at the centre, with outcomes dependent on local policy, surrounding use and scheme design. What works in one area may not translate in another.

Demand is just as important. A conversion can be technically viable without delivering a strong end value, so lenders need confidence the proposed use or mix reflects real market demand.

Valuation can then become less straightforward, especially where assets shift between sectors or blended schemes lack clear comparables.

For example:

• Regenerating an abandoned mill in Wigan into a vibrant mixed-use zone, combining offices, residential units, and hospitality.


• Repositioning a vacant Georgian townhouse in Edinburgh into an attractive hotel catering to the Scottish capital’s booming short-stay tourist trade.

As you’ve no doubt realised, many of the cases we’ve discussed don’t just fall into one of these categories, but several. Whilst this can increase the complexity for lenders, it rarely diminishes how successful a well-planned, properly costed project can be.

The opportunity lies in recognising that value isn’t always visible at first glance. In many cases, the long-term value just needs to be unlocked. At Together, we work alongside experienced investors and developers to understand how projects will be delivered in practice, rather than just how they appear on paper or against a checklist.

If you want to turn your next project from undesirable to undeniable, bring it to us to see how we can structure and fund deals that unlock the potential other lenders overlook.