We have chosen Investment Director, Ed, for our Team Spotlight who gives insight into Frontier Development Capital's Property Funds
Tell us about yourself and your background.
Background is in banking having spent 9.5 years at HSBC prior to joining FDC. Roles there varied, starting in the branches in September 2008 (interesting times), moving to Corporate Banking in 2010 and Corporate Real Estate in 2012.
What is your role at FDC?
I am an Investment Director in the Property team, my role is to source, transact and monitor loans to developers on both commercial and residential property schemes and manage the WMCA funds alongside the rest of the team.
What’s the best piece of advice you’ve been given?
“Knowledge is knowing that a tomato is a fruit, wisdom is knowing not to put it in a fruit salad” - Miles Kington
Why FDC? What drew you to the family?
The entrepreneurial approach to lending and the purpose of the WMCA grant and loan funds. The social output side of the funds meant that we could look at transactions which wouldn’t necessarily fit the mainstream bank mould but needed funding in order to regenerate vacant sites whilst supporting developers in a time when banks were doing less and less development finance.
Tell us a bit about FDC’s Property funds?
We manage a £210m revolving loan fund on behalf of the West Midlands Combined Authority as well as a £50m Grant fund (which is now fully utilised). Funds are there to regenerate brownfield sites, create jobs and homes in the West Midlands area. To date since 2017 we have committed c.£250m regenerating over 160 acres of vacant land, creating 6,300 jobs, 1,700 homes and over 2.5m sqft of commercial space.
What kind of businesses are eligible for the funds?
Primarily commercial and residential developers with a strong track record of delivery but also owner occupiers and investors.
What can the funding be used for?
Residential schemes with 20% or more onsite affordable, commercial re-furbishment/ EPC improvement, new build commercial and green energy schemes.
Tell us a bit about those that have previously benefitted from the funds?
Loans and Grants have been provided to a wide range of borrowers/ applicants including Developers, Owner Occupiers, Investors, Public Sector Bodies and Charities.