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North East Property Fund
New £10 million property fund launched in North East supported by Santander
A new £10 million property fund aimed at supporting smaller scale North East construction and property development projects has been launched. The North East Property Fund was conceived by FW Capital, the investment company based in the North of England, who will now manage the fund. It is backed by Santander and the North East LEP.
The fund has been created in response to strong demand from small and medium-sized (SME) construction and property development companies who are unable to access mainstream finance from traditional sources. The fund will provide loans from £250,000 to £1 million for non-speculative residential and commercial developments in Tyne & Wear, Northumberland and County Durham. Typical repayment terms are between nine and 18 months.
Santander is proud to support this new venture which will have a tangible impact on the local North East economy, including significant job creation,
said Stephen Carmichael, Relationship Director, Santander Corporate & Commercial.
This is a brand new fund concept in the North East combining both public and private money to benefit SME property developers in the region.
The fund will operate on a commercial basis and by reinvesting returns into future projects it has the potential to provide over £30 million of finance into smaller developers over the next five years. This is forecast to contribute in excess of £25 million to the regional economy, creating or safeguarding over 600 local jobs.