In 2021, Homes England worked for the second time with EDG Ironmonger Ltd (“EDG”) to provide the SME housebuilder with a development loan.

The funding helped EDG to convert a derelict vacant office building to create 37 apartments for first-time buyers and key workers in central Coventry. The funding was legally contracted in 111 days from credit approval, demonstrating that even during challenging times, Homes England can provide SMEs with access to much needed funding at pace.

This was the second development loan to EDG which enabled them to deliver complex projects in areas with largely unproven values. The first scheme was the conversion of a mixed-use scheme including 63 apartments, known as The Co-Operative in Coventry City Centre.

The Co-Operative was difficult to ‘traditionally’ fund due largely to unproven residential values in the location. The barriers were overcome with development funding from Homes England and EDG were able to complete the scheme ahead of schedule, under budget. The loan facility was repaid two years early and the scheme has proven residential values within the city and acted as a catalyst for other developers.

Neil Edginton, Managing Director of EDG, said:

This is our second deal in Coventry with Homes England and we are keen to do many more. Homes England has a shared ambition of supporting the creation of outstanding homes, so we are aligned entirely, which really assists us in the delivery of complex projects.

The Homes England team were true partners in both projects, and we look forward to continuing and growing our successful working relationship with the team there.

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