October 17, 2018

Specialist Lender Chooses Prosperity Developments To Fund Major Housing Projects Across Birmingham

Prosperity Developments has officially opened its latest project B1, in Birmingham City Centre.

The apartment block, containing 63 apartments and commercial space was funded by specialist lender BLG Development Finance. BLG hosted the event in celebration of the successful collaboration by the two firms and marks the start of a series of projects across the city delivering over 2000 apartments across the next three years.

Perry Kurash, Head of Business Development at BLG, said:

“As a lender, it’s our job to identify locations with strong housing sale potential and build relationships with established property developers. The reason Birmingham holds so much appeal for us is three-fold. The city is in growth, having already received significant investment in infrastructure and transport, such as the recent £600m regeneration of New Street. Thousands of new jobs have been created, underpinning the employment and renting/home-owning market. And the ambitious ’Big City Plan’, aims to deliver thousands more new homes, new jobs and billions in investment. Birmingham certainly has a buzz about it.  As a lender we look for potential underpinned with a good market, we have found it here.

We are delighted to sponsor the ’ribbon cutting’ opening ceremony of “B1, Edward Street– .  We were proud to finance this fantastic new build block of apartments conceived and built by Prosperity Developments. We have worked with Joe and the Prosperity team for four years and they possess the ideal qualities we look for in a borrower; proven success at building and selling new homes in their location, drive to deliver a quality product, professionalism at every point and, most importantly, passion for developing fantastic new homes. We congratulate Prosperity on this latest project and look forward to working with them on future schemes.–

Joe Billingham, Chairman and CEO at Prosperity Developments, said:

“As a specialist development finance lender, BLG’s understanding of the planning and property development journey was extremely helpful. As specialists in their field, this experience allowed a true appreciation of the varying needs a development has at every stage of the project. This successful collaboration has delivered a development for Birmingham that we are all very proud of; we look forward to working with BLG again on our upcoming developments.–

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