Case Studies - Appleton Lodges, Mapperley, Nottingham

Developer: Heart Homes
Development: Appleton Lodges, Mapperley, Nottingham
GDV: £5 million
Scheme: 33 two bedroom apartments

After 35 years development experience, including 20 years at the top of the housebuilding profession with a national developer, Craig Stevenson with his wife Marguerite, set up Heart Homes, a Nottingham-based housebuilder with a reputation for quality homes in the best locations.

The company espouses family values, along with the technical and professional structure of a national developer. Heart Homes has completed six developments in the East Midlands, but funding for its early schemes proved to be an issue for Heart Homes. Bank lending parameters meant that 33% of the development costs had to funded from internal capital reducing the size of projects which the company could tackle, slowing down the growth of the business.

To overcome these restrictions for Appleton Lodges, the company's largest scheme to date, it used CALA Finance to provide 100% development funding.

" The funding from CALA comes through quickly following valuations and they boast an excellent in house sales team which is always keen to assist us. Most of all they recognise our professionalism and expertise in the industry and leave us to get on with running our own company. CALA are housebuilding professionals themselves, and I am pleased to say that we have built up a strong relationship with their team."

Craig Stevenson
Managing Director, Heart Homes