Stourbridge developer builds for the future with new finance deal
A STOURBRIDGE residential property business has begun work on the second phase of a housing development after securing a new £800,000 finance package.
Billingham and Kite Ltd, established in the 1960s in Stourbridge, is a third generation family business. It is currently developing a site in Hagley, dubbed Pearmain Garden, which comprises 38 four-bedroom properties.
Two of the completed properties have been sold and there are four houses currently under construction. Work is due for completion in 2016 and to embark on the next phase of the build the business approached long term banking provider Lloyds TSB Commercial Banking for funding support.
The business currently employs 16 members of staff and has plans to begin work on a smaller development in Hagley in the spring, which will feature four houses and a bungalow.
David Billingham, director at Billingham and Kite Ltd, said: “Ever since my grandfather started the business in the 1960s, our aim has always been to build high quality luxury homes in the area and we’re proud of the positive feedback we have received over the years.
“This is one of our larger developments and is close to great local amenities and a good school. Despite economic uncertainty we’ve had a lot of positive interest in the properties and we’re confident that the houses will sell well.
“With the support from Lloyds TSB Commercial Banking we are looking forward to embarking on the next stage of the build. The team at the bank has always been supportive of our plans and the funding we have received has been instrumental to the continuation of the project.”
Harvey Sandford, relationship director at Lloyds TSB Commercial Banking, said: “Billingham and Kite is a well-respected business in the local area and has a great reputation for building quality homes.
“We have a long-standing relationship with Billingham and Kite having supported the business with previous successful development projects. The team has a strong understanding of what people are looking for in a home and they always build to the highest standard making their properties very popular with buyers.”
