North East developer secures funding for their second development

Local North East developer Dan Greener is bringing a development of new homes to Station Town in County Durham to meet demand for family housing following investment from FW Capital. 

The six-figure funding comes from the North East Property Fund (NEPF) which is an investment programme managed by FW Capital and backed by the North East Combined Authority (North East CA).  It is assisting the development of the three new homes near Durham. 

Work is underway incorporating sustainable features such as triple glazing, solar panels and EV chargers. The three-bedroom homes which include a home office space, modern kitchen and living area that opens onto the garden are being delivered to a high standard using quality materials and landscaped gardens. The properties are due for completion late 2024, with reservations invited on all three properties.

Dan Greener, property developer said: “This is my second development, having previously completing a one-off new build housing project. The Station Town site is a small but perfectly formed site of three homes, positioned with fields at the front and rear of the plots. The backing of FW Capital has helped me to get the development off the ground and I’ve been impressed with Lewis’ support. We’ve built up a good relationship and I consider FW Capital to be a development partner rather than just a funder. I’m looking out for other developments to progress and hope to work with FW Capital on these.”

Lewis Blakelock, Investment Executive at FW Capital said: “It’s been great to help Dan bring forward his second development. This is a great example of how the North East Property Fund can support new developers with residential property schemes. Dan has done a brilliant job at bringing sustainable homes to the market and meet the rising demand for affordable, quality homes.”

The North East Property Fund is backed by the North East Combined Authority (North East CA). It offers loans from £250,000 up to £2million 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. Since the fund started in 2017 FW Capital has reached the investment milestone of  £50million, supporting the construction of 227 houses across 51 developments, the build out of 7,589 sq. ft of commercial space and has created and safeguarded 750 jobs.