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29/05/2015

Finance Wales helps local developer to complete development of new homes in Beddau creating 60 jobs

Two loans totalling £3.4 million from the Wales Property Development Fund managed by Finance Wales have helped Lewis Homes finance a new residential development near Llantrisant.

Local builders Alun and Marc Lewis used a £2 million loan in 2013, which has now been repaid, to purchase the land and commence the first phase of the development at Brynteg Green. 

They are now using a second £1.4 million loan to complete the mixed residential development of family homes.

Over 40 jobs have so far been created or safeguarded and this figure is set to rise to more than 60 by the time this phase of the build is complete early next year.

Twenty eight of the seventy four homes on the site have already been sold, with eight homes sold to purchasers through the Welsh Government’s Help To Buy – Wales scheme

The development has also created employment opportunities for Lewis Homes’ well-established network of local tradespeople as Managing Director, Marc Lewis explains. 

“Brynteg Green is an exciting development for us, so I’m pleased that sales are ahead of target. We’d had outline planning permission for some time, but couldn’t find a financial backer until we spoke to Alun Thomas at Finance Wales who could see that our proposals had potential.

“We’re building much-needed homes at Brynteg Green, including a number of affordable homes, in line with Rhondda Cynon Taff’s unitary development plan.  I’m also pleased that we’ve been able to safeguard the jobs of our experienced and loyal team and create opportunities for the sub-contractors we work with.”

The £10million Property Development Fund, funded by the Welsh Government and managed by Finance Wales, was created in response to the strong demand from small and medium size construction companies that are unable to access finance from traditional sources.

Economy Minister Edwina Hart said:” The Welsh Government is committed to supporting business growth and the Fund is playing a key role in helping smaller scale property developers get their projects up and running. It is helping to stimulate the market, provide new and affordable homes and create jobs in one of our key economic sectors. I am delighted to hear how it has supported Lewis Homes with this new development.”

Lewis Homes specialises in building high-quality homes for local people.  Having built over 400 homes over the last 16 years, the family business is known for its high standards and high customer satisfaction levels. The company is also dedicated to employing skilled local tradespeople.

Alun Thomas, Senior Investment Executive at Finance Wales worked with the Lewis’ to structure Finance Wales’ loan. 

Congratulating them on the success of the development he said: “Alun and Marc have many years’ experience in the construction industry and have successfully completed a number of residential developments in the past. They’re a strong team with a hands-on approach and they’ve achieved all the project’s key repayment milestones to date.

“The Wales Property Development Fund has provided Lewis Homes with the financial backing to make a success of this development and its already having an impact on the local community.  With phase one now complete and the second phase well under way, the development has secured three years’ work for the company and its subcontractors.” 

Home movers considering purchasing at Brynteg Green can take advantage of the Welsh Government’s Help To Buy – Wales scheme as well as an ‘easymove service’ for ‘off-plan’ purchases.

“Brynteg Green is an ambitious development for us.  It has boosted our confidence and we now have plans for an ambitious three-phase development on a plot we’ve recently acquired in Porth, providing us with another four - seven years’ work.  The Wales Property Development Fund and the Help To Buy – Wales scheme are having a positive impact on the residential construction sector in Wales,” Mr Lewis concluded.