North East property company secures investment for luxury Northumberland development
A North East property company has secured funding to build two executive properties in Northumberland.
Datim Developments, which is based in Cramlington, has been granted a six-figure investment from FW Capital to complete two executive properties in Felton.
FW Capital manages the North East Property Fund, which offers development funding of between £250k and £1m to SME construction and development companies for residential or non-speculative commercial schemes across the region.
The investment was supported by Azets, who offer accountancy and business advisors to SMEs.
Tony Cullen, investment executive at FW Capital, said: “Datim are exactly the type of company for which the North East Property Fund was set up to support.”
“Smaller developers have struggled for so long to obtain development funding via traditional routes and it is therefore important alternative options, such as the North East Property Fund are available if we are ever to address the current housing shortage across the region.”
Tim Barrett from Datim Developments said: “Datim had the scheme at Felton already to go, however due to the pandemic, we were finding it difficult to get a funding model that worked for us.”
Phil Empson, director in the banking and finance team at Azets in Durham, said: “This deal has created local jobs for local people, which is more important than ever as we continue to deal with the pandemic and its impact on businesses.”
He continued: “It is a challenging time for businesses in the North East, but this investment demonstrates there are deals to be done.”
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