Bank windfall to fund Stewardson's houses
Stewardson Developments has won up to £500,000-worth of funding from Lloyds TSB Commercial.
Brothers Philip and Mark Stewardson launched the Cradley Heath business in 1995 with the purpose of buying ten run down homes, refurbishing them and renting them out for their own retirement fund.
But the business expanded at a faster pace than expected and the company now owns 120 properties in the Cradley Heath area, both commercial and residential buildings, including pubs and chip shops.
The new funding is set to help the business buy three houses worth between £100,000 and £150,000. The brothers hope to buy a further ten in the next year.
Phillip Stewardson said: "Whilst the property market itself has slowed down since then, we are selective about those that we add to our portfolio and are confident that the value we add by carrying out the refurbishment will allow us to continue our success.
"It is important to us to reinvest the profit back into the business and the bank appreciates this. Occasionally we have to react very quickly to an unexpected opportunity and the bank has been extremely flexible and quickly laid out the options open to us to achieve our goals."
