Backing new homes

Six-figure loan helps turn property developers' dream into reality

Business partners David Fisher and Aidan Tait had big plans for a seven-property residential development on the site of a former chapel in Sherburn, County Durham. But their chances of completing the project began to look slim when their bank refused to lend them the money to finish the building work, even though there were no concerns about the project’s viability.

For Reward, this was just one of several recent examples we’d seen of independent construction firms struggling to get funding from the leading banks. We stepped in to help, and lent the duo £300,000 in Business Finance with the option of further advances, enabling them to complete the development.

We’ve helped many businesses in the house-building sector over recent months, lending more than £10 million in short-term funding. As Reward partner Dave Jones observes, “Recent analysis by the Federation of Master Builders shows we need to build 240,000 homes a year, just to keep pace with demand. To do this, we need to support small house builders by giving them access to finance when they need it.”

David Fisher agrees: “We are indebted to Reward for its support to help make our vision a reality. New homes are urgently needed in the north, in places such as Durham, and we’re excited about bringing this development to the market.”