Cala Finance - the residential funding arm of Midlands residential and commercial property developer Cala Group - is to fully fund the only development of new houses in Worcester.
The company is backing Benavon's £1.5 million development of four new four-bedroom houses on Tolladine Road.
The site, which stands next to a golf course, has views over open countryside to the Malvern Hills and Worcester cathedral and is the only development of new houses presently underway in Worcester.
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.
Cala Finance 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 advice and guidance on land acquisition, planning, and sales and marketing of new developments.
The two storey, four bedroom detached houses will be built in traditional style with prices expected to start at around £350,000.
This will be Benavon's third residential development, but the first funded by Cala Finance. It has previously completed schemes in Eve-sham and is presently on site with a development of eight houses in Winchcombe in Gloucestershire.
The company is run by Russell Sumner, who before founding Benavon worked for housebuilders Beazer Homes, Charles Church and Cox Homes among others.