Jewellery Quarter Residential Scheme Supported with £3.48m Development Exit Loan

Situated on Constitution Hill and just two miles away from Birmingham City Centre, the well-connected mixed-use development consists of the converted workshop as well as a contemporary new-build block. The scheme is a mix of one- and two-bed apartments, with duplex units available and commercial space located on the ground floors of the buildings. A portion of the units have been designated as affordable housing. 

The deal took just under eight weeks from initial enquiry through to final drawdown and, since the conversion and extension, the development is now valued at £5m. Funding was led by Alan Coleman, relationship director at STB, with the borrower having worked with Alan for seven years already. 

VJ Chopra, managing director at ETME Group, said: “We’ve known Alan for many years and have always enjoyed working with him. We were delighted with the hands-on, relationship-led approach he took to this deal and supporting us with the development exit finance. We knew we could trust him and STB to deliver, and we were not disappointed. The funding itself was made slightly more complicated due to the heritage and affordability aspects of the development. However, Alan’s expert knowledge and ability to structure the deal to overcome these factors were excellent.” 

Alan said: “It’s been a pleasure to help my long-time client once again, and I’m particularly thrilled to have helped with such an interesting asset in a popular spot of Birmingham. Heritage conversions of this nature don’t come round every day, but we were able to make the deal work, and we can now look forward to what ETME Group will do next.” 

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