FW Capital backs form properties

The North East Property Fund (NEPF) has backed a high-end residential development on the site of a former dairy in Northumberland.

The development in Longframlington comprises six detached homes and four barn-style properties.

Form Properties, which is behind the scheme, secured a £1.5m loan from the NEPF to fund the construction of the homes.

Work on the initial phase, made up of the six detached houses, is currently underway with completion scheduled for late summer.

Managed by FW Capital, the NEPF was established with the aim of supporting the development of small-scale property schemes and is backed by Santander and the North East Local Enterprise Partnership (LEP).

FW Capital investment executive Tony Cullen said: "This investment provided the opportunity to support the creation of these beautiful, high-quality rural homes in Northumberland. We're pleased to be supporting Form Properties with a finance package from the North East Property Fund and am grateful to Rob Peacock of Solutions Northern for the introduction.

"In addition to bringing new family homes to the area, the construction work is being completed by a number of local tradesmen, meaning job creation and support for the local economy."

Michael Foster-Smith, Form Properties director, added: "We're excited to be bringing forward this development of design-led country homes with the backing of FW Capital. Each new home on North End Farm has been thoughtfully designed with style, practicality and sustainability in mind."

Helen Golightly, chief executive of North East LEP, said: "The North East Property Fund offers short-term loans for residential and non-speculative commercial developments in the North East LEP area and it’s fantastic to see the loans used to boost local communities in this way."