A Midlands based bespoke property developer has purchased a one acre site in Halesowen and is building nine new homes, with the support of £600,000 loan provided by Lloyds Bank Commercial Banking.
Eden Properties, owned by brothers Darren and Andy Cutler, is a full-service property development business, offering land buying and planning services through to the construction and tailored design of each property.
After successfully building homes throughout the Midlands since 2000, the brothers identified a site on Tenlands Road, Halesowen, and approached Lloyds Bank for a £90,000 loan to support the purchase of the land. Funding was granted using the Funding for Lending Scheme (FLS), which offers competitively priced lending to small and medium sized businesses across all sectors.
An additional £510, 000 loan was provided to help fund the construction and design of nine new detached and semi-detached houses. The properties on the site range from two to four bedrooms in size.
Darren Cutler, of Eden Properties, said: “We are always on the lookout for new investment opportunities to build our portfolio, and as we continue to grow we are looking to increase the size of the developments we work on. The funding from Lloyds Bank has been instrumental in enabling us to increase the momentum of our growth and we are now looking forward to developing more than one site at a time, which is the first time we have been able to do this.”
Matt Ruff, Relationship Manager at Lloyds Bank Commercial Banking, said: “Eden Properties has experienced steady growth in the 15 years since it was established, building impressive properties throughout the Midlands. Running more than one site at a time will not only benefit the business, but will also increase opportunities for local sub-contractors, having a positive impact on the region’s economy. We have a wealth of experience working in the property sector, and with our vast sector knowledge we are committed to supporting businesses like Eden Properties in helping them achieve their growth ambitions.”
