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13/12/2013

First Wales Property Development Fund investment helps Carmarthenshire property developer build new homes

A package of loans from Finance Wales, the first from the Wales Property Development Fund, is helping a well-known Carmarthenshire property developer construct ten new houses at Ffordd Gwyrdd in Gorslas, including two affordable homes.

Finance Wales came up with a funding package to enable NBA Developments (NBA) to develop the site in a phased manner.

NBA has so far completed four properties with the backing of loans totalling £320,000 from Finance Wales. These loans were repaid and Finance Wales has since agreed to support the construction of the next four properties with further loans totalling £246,000.

This is the latest development by local developer, NBA, which was established by husband and wife, Neal and Billie-Jean Atkins.  Since setting up the company eight years ago, they have successfully developed and sold over sixty properties in the Gorslas/Cross Hands area.

“We purchased the site at Ffordd Gwyrdd three years ago and were keen to start developing it as it’s in a popular area.  We’d had a lot of interest from potential buyers and already had pre-sales contracts in place for four plots.  Although we owned the site, we still needed to fund our construction costs and our solicitor, Betsan Powell of Redkite Solicitors recommended Finance Wales.

“We were impressed by Finance Wales’ flexibility as we planned to complete the development in phases. They understood this and structured a funding package to suit this approach,” Neal Atkins explained.

The funding package has seen Finance Wales provide NBA with loans to construct the houses either individually or in pairs. As each house has been sold, NBA has repaid the loan provided by Finance Wales to fund its construction.

Finance Wales  Investment Executive, Cenydd Rowlands said: “NBA is a well-regarded local company that has completed a number of high quality projects similar to this one over the last eight years.  Neal is also an experienced developer and master carpenter with over thirty years’ practical experience in the building trade. 

“Finance Wales has structured a package of loans to suit NBA’s plans to phase the Ffordd Gwyrdd development.  Our first loan helped kick-start the development of the site and also enabled the company to work with Carmarthenshire County Council to sell two of the homes to people on the Affordable Housing Register.”

Carmarthenshire County Council leader, Councillor Kevin Madge welcomed the development which includes two affordable homes: “Providing housing that is in reach of families living in our communities is one of the most important issues facing Carmarthenshire. As such, we are committed to working with developers to provide affordable housing to those who are currently excluded because of their household income – and schemes such as this at Ffordd Gwyrdd are a prime example of what can be achieved by working together.

“I hope the new owners are settling in well, and wish them luck in their new homes,” said Council leader, Kevin Madge.

Finance Wales manages the Wales Property Development Fund for the Welsh Government. The £10 million fund offers loans of between £250,000 and £1 million for construction companies developing small-scale, non-speculative commercial and residential property in Wales.