October 8 2019 @ 14:29 by Richard Dawson
A new investment executive has been appointed to manage a £10 million property development fund in the North East.
FW Capital, who delivers the North East Property Fund, has appointed David Pesarra to champion the development of small-scale property developments across the region.
The Fund is backed by Santander and the North East Local Enterprise Partnership (LEP), and offers loans ranging from £250,000 – £1 million to residential and non-speculative projects.
It was set up to meet demand for smaller construction firms and property developers who struggled to access finance through traditional lenders.
David Pesarra is highly experienced in the property funding sector, having worked at Lloyds Bank for 20 years as relationship manager of real estate.
He said: “I am delighted to join FW Capital to support the North East Property Fund, as it will allow me to work in a space that adds value to the North East economy through financing local development schemes, creating and maintaining local jobs and ensuring benefit to the local supply chain.
“I look forward to demonstrating what we can offer and utilising my own contacts to develop the Fund further and help more property schemes come to fruition.”
Joanne Whitfield, FW Capital fund director in the North East, added: “We are delighted to welcome David Pesarra to the team.
“David brings with him a wealth of knowledge and many years of experience and we are confident his appointment will help further the success of the North East Property Fund.”
The addition of an investment executive comes at an exciting time for the Fund, with nine projects around the region already funded for a total of £6 million.
The developments have created 16 local jobs, as well as the construction of 51 homes and 15,000 sq. ft of commercial space.