Furness Building Society is helping to create more new homes in Cumbria and the North West through a partnership with development finance initiative, Nexa Finance.
The collaboration will connect Furness with ambitious regional property developers to fast-track the construction of new build residential properties.
Furness will reach out to local SME developers through its network of mortgage advisors and branch managers to identify opportunities across the region to build or refurbish residential homes or convert commercial buildings into residences.
With a dedicated business development manager already in place, Nexa Finance will then work with the developer to apply for funding and liaise directly with Furness’ underwriting team to approve the loan.
Simon Broadley, chief commercial officer at Furness Building Society, said: “We were established almost 160 years ago with a clear purpose to provide a brighter future for our members and surrounding communities. We do this, not only through our competitive mortgage and savings products, but by accelerating the creation of homes in our heartland.
“Supporting house building across the North West benefits our regional economy and fast-tracks home ownership for local people and we want to play our part. This partnership with Nexa Finance will unlock funding streams for local developers in an innovative and straightforward way and means we can help address the supply of housing faster.”
James Evans, business development manager at Nexa Finance, added: “It’s brilliant to be partnering with Furness to help support house building in the North West
“I’ll be working closely with the mortgage and branch teams to help a raft of local developers match potential development opportunities with appropriate lending deals.”
