PROPERTY FUNDING
WMCA RIF
Supporting Housing Development in the West Midlands with the West Midlands Combined Authority - Residential Investment Fund.
Investment available : up to £10 million
Transaction type : Property development
Location : Within WMCA region
Sector : Any residential development
Launched by the West Midlands Combined Authority (WMCA), the RIF is open to residential developers seeking capital for developments and regeneration opportunities.
Funding is designed to bring inward investment and meet housing needs in the WMCA region, accelerating site regeneration and supporting strong cities and diverse town centres.
Key features:
- Funding for residential developments located within the West Midlands Combined Authority area.
- Development finance from £1m to £10m.
- Funding can be provided by way of Senior Debt, Mezzanine Finance or Equity Investment, fully secured where possible at commercial rates.
- Eligible projects require a minimum of ten units and must include 20% Affordable Housing.
- Maximum repayment term of 4 years.
Eligibility:
- Known or referenced developers with a successful and proven track record.
- Strategic brownfield regeneration sites that are unlikely to be redeveloped in the short term via normal capital markets.
- Funding cannot be utilised for Land Banking.
- Located within the West Midlands Combined Authority area.
- All cases are subject to a formal credit approval process. Proposals are looked at on a case by case basis.
- Terms and fees will apply.
WMCA area:
Metropolitan Authorities
- Birmingham City Council
- Coventry City Council
- Dudley Metropolitan Borough Council
- Sandwell Metropolitan Borough Council
- Solihull Metropolitan Borough Council
- Walsall Metropolitan Borough Council
- City of Wolverhampton Council
Non-constituent members
- Cannock Chase District Council
- North Warwickshire Borough Council
- Nuneaton and Bedworth Borough Council
- Redditch Borough Council
- Rugby Borough Council
- Shropshire Council
- Stratford-upon-Avon District Council
- Tamworth Borough Council
- Telford and Wrekin Borough Council
- Warwickshire County Council
Need to discuss a site?
Call 0345 319 4528