Blackpool house builder secures £4.1m funding for Wyre scheme
A Blackpool construction firm has secured £4.1m funding to launch a new Wyre housing project.
Whitehills-based Create Homes (Land and Property) Ltd, in partnership with marketplace lender Asstez Capital, has secured the development loan to fund the acquisition and construction of a new residential site in Pilling.
The housebuilder is part of the residential arm of the Create Construction Group.
The North-West based commercial and residential developer was founded in 2006 and already has two successful residential developments in the Lancashire area.
Ash Meadows, in Inskip, was completed in February this year, with a St Petersfield development due for completion in 2020.
The firm said the Pilling site is a semi-rural location within the Wyre borough, 11 miles south of Lancaster.
Once completed, the first phase of the development will consist of a mix of 11 detached and semi-detached three-bed houses and nine four-bed houses. The initial construction will take 16 months.
While the loan will be used to assist with the site purchase and the initial phase one development, there are also plans for further units in phase two, with the site eventually consisting of 37 units, which will include four affordable homes.
Since establishing in 2013, Assetz Capital has lent more than £900m to UK SMEs, funding projects such as commercial properties, housing developments, care homes and purpose-built student accommodation.
Andrew Llewellyn, regional relationship director at Assetz Capital said: “We are pleased to support Create’s development in furthering their presence in the Lancashire region, adding to their current two sites.
“By supporting their first phase of construction, we have been able to provide a loan that is flexible for the firm to progress at a rate which suits them. This investment is particularly important, supporting the demand for housing across the Lancashire region.”