A development of luxury family homes has been made possible with a £1m investment by FW Capital, which manages the North East Property Fund.
Homes by Carlton secured the loan to finance the construction of nine family homes, the first phase of the development being built on the Cathedral Gates development in Chilton, County Durham. The development of the three and four-bedroom homes will create eight jobs and safeguard jobs in the local supply chain.
This is the fourth project to benefit from the £10m North East Property Fund and the first in County Durham, although two further schemes are in the pipeline and expected to complete in Spring 2019.
Homes by Carlton is an award-winning housebuilder and property developer based in Newton Aycliffe, County Durham, known for the high-quality and prestige of its developments.
The North East Property Fund was established with the aim of supporting the development of small-scale property schemes and is backed by Santander and the North East Local Enterprise Partnership (LEP).
It offers loans from £250,000 up to £1m for residential and non-speculative commercial developments in Tyne and Wear, Northumberland and County Durham. The Fund can provide up to 100% of build costs for suitable schemes with repayment terms available up to two years.
Jordan Dargue, Group Operations Director at Homes by Carlton, said: “Cathedral Gates is a wonderful development of new family homes in County Durham. The homes are designed and built with the quality materials and attention to detail that Homes by Carlton is known for.
“We were very impressed with the FW Capital team’s can-do attitude and pragmatic approach and are very grateful to them for the investment that will allow us to build these sought-after homes.”
Tony Cullen, Investment Executive at FW Capital, said: “This is the first scheme the North East Property Fund has supported in County Durham and I’m sure these beautiful family homes will prove popular.
“It is fantastic to see the North East Property Fund supporting the development of new homes. If any other businesses are interested in help funding property developments in the North East, they should get in touch and see how we can help.”
David Land, Chair of the Investment Board at the North East LEP, said: "Our focus is on driving economic growth and the North East Property Fund is designed to kickstart and support small to medium residential and commercial property developments by unlocking finance. It’s great to see companies such as Homes by Carlton applying to the fund and being successful.”