Northumberland development takes off with six figure funding boost

A Northumberland-based property developer is set to complete an eco-friendly and stylish housing scheme with funding from the North East Property Fund (NEPF).

FW Capital manages the £20 million North East Property Fund which is backed by the North East Combined Authority (North East CA).  The six figure loan is enabling Lyham Developments to build two four-bedroom homes at Brockdam Farm in Ellingham, Northumberland. 

Brockdam Farm is Lyham Developments’ first new build development, having previously developed conversions and extension projects. Located in a rural setting, the natural stone built homes will feature new sustainable materials including reclaimed materials and air source heating pumps. The site was derelict four cottages. Each new home is 172sq metres and will have a high specification throughout.

Lyham Developments was established in 2019 and is run by property developer Guy Renner-Thompson. 

Guy Renner-Thompson, Director at Lyham Developments said: “Work on the site is progressing well and we’re hoping to complete the homes by Summer 2024. We’re proud to be using local trades people on this project who are helping bring to fruition our first new build development. This is a very exciting phase of the development and I’ve been impressed by the support from FW Capital. From our first meeting Lewis Blakelock has been in regular contact with me and was able to provide a competitive loan rate. The whole process was made easier with Lewis’ support and the investment has enabled me to press on with the construction.”

Lewis Blakelock, Investment Executive at FW Capital added: “Supporting local developers and communities is the prime goal of the North East Property Fund so we’re delighted to help Lyham Developments with their latest project. The investment has provided jobs for local tradespeople, has benefitted the local economy and is providing  a new development of modern family homes in a great location.”

The North East Property Fund offers loans from £250,000 up to £2 million 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. 

It was established in 2017 in response to demand for smaller construction and property development financing. The North East Property Fund is backed by the North East Combined Authority. Since the fund started in 2017 FW Capital has supported the construction of 227 houses across 51 developments, the build out of 7,589 sq. ft of commercial space and created and safeguarded 750 jobs.