Cala Finance is supporting a £3 million residential development which will regenerate a former industrial plant at Wednesbury in the Black Country.
The company, the residential funding arm of residential and commercial property developer Cala Group, is backing Kingswater Homes' nine 3-bedroom houses and 15 two-bedroom apartments in Cook Street on the derelict one-acre site of the former engineering works Bonner & Co.
It will provide 100 per cent of the costs in return for a share of the profits.
The package is designed to help smaller house-builders, contractors and first-time developers to get funding for their developments which they could otherwise not get from other sources with-out providing up to 35 per cent of the total themselves.
Cala Finance also provides advice and guidance on land acquisition, planning, and sales and marketing.
Run by director Mick Alderwick, current secretary and former chairman of the Association of Midlands House Builders, and director Neil Roe, the Cook Street scheme will be Kingswater Homes' first residential project.
However, Mr Alderwick has nearly 40 years' experience of housebuilding in the West Midlands, and was previously managing director of Douglas Homes.
He and Mr Roe now run Dunton Contracting, a company which carries out building contracts for housebuilders, as well as specialising in ground remediation and repair.
The company has its own Environment Agency-approved and licensed techniques for bio-remediation, as well as for the eradication of the highly invasive Japanese Knotweed plant.
W ork has already started on the Cook Street site, with the first homes being released for sale this spring.
K ingswater Homes expects its new apartments to appeal to local residents, young professionals, and the investor market, as well as first-time buyers.
"With our remediation experience, the site of a former engineering works is an ideal site for us to regenerate and bring back into use," said Mr Alderwick.
