Cala Finance, the residential funding arm of residential and commercial property developer Cala Group, is fully funding a £6 million rural residential development overlooking the Lickey Hills.
The company is backing Damar Homes' Forhill Manor development of 18 luxury apartments and one detached house on the site of the former Forhill House, near Wythall.
Cala Finance will provide 100 per cent of the funding for the development in return for a share of the profits.
This type of package is designed to help smaller housebuilders, contractors and first time developers to get funding for their developments which they could otherwise not get
from other sources without providing up to 35 per cent of the development costs themselves.
The company funds residential schemes with an end development value ranging from £1.5 million to £20 million.
And unlike other development funders, Cala Finance also provides expert advice and guidance on land acquisition, planning, and sales and marketing of new developments.
The high specification courtyard development of two bedroom apartments and three bed detached house, will stand in an elevated position its own grounds, which look south west to the Lickey Hills.
Each apartment will have a garage and designated parking space plus extensive visitor parking.
Cannock-based Damar Homes believes its new development will appeal to young professionals and couples looking for an everyday or weekend rural retreat.
"It will provide luxury modern homes in an idyllic rural setting," said Andy Dace, of Damar Homes.