What is it?
A £10 million fund offering development funding to SME house builders, construction and property development companies to bring forward residential and non-speculative commercial development projects in the North East LEP area.
Why has it been set up?
In response to strong demand from smaller construction and property development companies who have struggled to access development finance from traditional lenders. The fund will help kick start the development of small scale property schemes throughout the North East.
What is the North East LEP area?
The seven local authority areas: Northumberland, County Durham, Gateshead, Newcastle upon Tyne, North Tyneside, South Tyneside and Sunderland.
What can the fund be used for?
- New housing schemes
- Refurbishment schemes
- Mixed use schemes
What are the key features of the fund?
- Loans from £250,000 to £1m
- Loans are to fund development costs
- No minimum size of development
- Interest rates/fees agreed in advance
- Interest roll up is available
- Terms available up to 2 years
Check out the infographic below for more information on the North East Property Fund.