5 June 2013
Groups of experienced self/custom builders could benefit from a £10m fund which has been made available to help small-scale property developers finance commercial and residential projects in Wales.
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The Wales Property Development Fund, which has been set up by the Welsh Government and is managed by Finance Wales, has been launched because of the lack of traditional sources of finance for small and medium-sized construction companies.
The aim is for the Fund to operate on a commercial basis producing an ‘evergreen’ capital, by recycling investment returns – typically they will want any loans repaid within 12-24 months. Bids for funding will be considered on a case-by-case basis.
Groups of self/custom builders are encouraged to apply, providing that they meet the eligibility criteria. In particular, a certain level of experience in property development.
Nicola Wilson, Investment Manager on the new Investments team at Finance Wales, said: “We’re looking to fund people with proven developing experience and a track record behind them, so we wouldn’t be looking for first-time developers.”
There is more information available from Finance Wales.
