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Droitwich start up developer secures first deal at former Kidderminster school site
11/05/06
Solihull property finance specialist G&C Finance has swooped in to help Droitwich Spa-based Millbridge Homes seal its first property deal in the acquisition of a former school site in Kidderminster.
The former St Ambrose School site is located on Clarence Street, just north east of Kidderminster town centre. Fourteen contemporary two and three bedroom homes will be released for sale at the £2m scheme in the summer and are due for completion in Spring 2007.
Adrian Willet, National Managing Director of G&C Finance commented: "This is an exciting deal for G&C, both as the first deal for this promising start-up developer, and also as a school redevelopment which we believe it is highlighting a significant trend for the Midlands market.
"Whilst there is so much press about Government wishes to increase the number of new homes built year on year, the bleak picture faced by new development companies who want to break into the market is typical of the challenges faced to meet the new homes shortage.
"G & C Finance are in the market to provide 100 per cent development finance, basing our decisions not necessarily solely on company track record, but also on the calibre of the individuals behind the deal.
Paul Cartwright, Managing Director of Millbridge Homes said: "Banks will usually only offer up to 70 per cent of the required funds to finance a new development that is speculative in its nature, as almost all residential schemes are. Being a newcomer to the market, we simply couldn’t dedicate that level of financial resource to one site when we will be working on a total of six schemes throughout 2006.
"The way that G&C Finance evaluate a funding decision is incredibly refreshing and has enabled our company to thrive, having only been in business for a matter of months. We are now actively seeking new sites and hope to deliver over 60 homes this year, with that total potentially doubling in 2007."
G&C Finance are 100% development funding & finance experts.