G&C Finance has notched a total of £60 million development funding during the first quarter - and has sealed a £10 million hat-trick of deals with Solihullbased Elegant Homes.
The move will double the growth activity of the niche developer.
Wircester Manor, a two-storey 13-apartment scheme in Solihull, was the first to be funded by G&C Finance in December on behalf of Elegant. Eleven homes out of thirteen on the £2.6 million site have sold off plan in just ten weeks.
Elegant Homes subsequently submitted funding applications for three schemes in January, which G&C is backing.
Beechnut Lane in the heart of Solihull will be the first to be released.
Home to thirteen luxury apartments with a gross development value of £4 million, work is anticipated to begin on site in July with first homes available for occupation in Summer 2007.
Legal agreements for two of the remaining schemes, located in Solihull and Birmingham respectively, are being finalised, with planning applications due to be submitted this month.
Adrian Willet, national managing director of G&C Finance, said: "Solihull continues to be a hotbed of opportunity for niche quality developers and Elegant Homes is keen to maintain the momentum it has already gained in this marketplace.
"G&C Finance was established to enable ambitious quality developers to seize opportunities they would not normally be eligible for and our partner-ship with Elegant Homes is a perfect example. With the G&C team on board offering funding and consultancy advice, the directors of Elegant Homes have now set out to expand their portfolio much earlier than anticipated."
G&C Finance aims to be the largest national property financier in the UK within the next three years.
It offers 100 per cent property development finance to fully fund residential and mixed use developments, irrespective of size and location, with or without planning permission, including purchase of the land, construction and related costs.
Barney McElholm, of Elegant Homes, said: "Elegant Homes traditionally built two schemes a year but the G&C Finance model has now allowed us to deliver four or five schemes annually.
"We now have the capability to build many more homes than we had ever anticipated and the demand shows no signs of abating. The roof is not even on at Wircester Manor and we have sold all 13 units. To me, that says it all."
