A Newcastle-based wealth management company has funded a new construction firm’s £9m housing development. The North East’s newest house builder Bede Homes has received support from Newcastle-based wealth management firm Tier One Capital, as it looks to build on the success of its first development.
The funding, which comes from Tier One’s property backed lending trust, will facilitate the construction of a new £9m development of 30 family homes in Bill Quay in Gateshead.
The deal comes as it was revealed that Bede has sold all 20 properties at Marley Hill, also in Gateshead.
Bede’s managing director, Joe Docherty, said: “We are absolutely delighted to have sold out at Marley Hill, in what was probably the toughest year to be selling homes in a decade.
“We are equally delighted that Tier One Capital has recognised the potential of Bede Homes by investing again in our second project.
“We enjoy working with the professional team at Tier One and look forward to delivering more strong results for Bede and for our funders.
“Work should begin soon at Bill Quay and we are hoping to announce further projects for Bede Homes in the coming months.”
Fund manager at Tier One, Brendan O’Grady, said: “As a funder with a natural focus on the North East, we are very pleased to be working alongside an experienced and professional team to help benefit the region with further development opportunities.”