Clearwell Capital provided £1,500,000 of capital on a stretch senior basis for the £1,750,000 scheme that is set to come to the market this summer. Despite instability throughout 2022, Clearwell Capital remained confident that it would reach its target in the first quarter after a consistent flow of transactions since December when they celebrated a record month, providing over £7 million to three SME property developers. The team has also witnessed an increase in their clients' sales activity since the beginning of 2023, with units selling at a much faster rate than in the latter months of 2022.

Clearwell Capital has a clear client strategy, and a commitment to this has been instrumental in the increase in the number of inquiries it has received. Working with clients who have a track record of similar schemes and who are committed to using their knowledge of a region to build homes for the local population is key to this strategy and the company's ethos. The profile of Waves of London is aligned with this, which makes the partnership a success.

With a combination of local planning constraints and environmental restrictions predicted to be the cause of the lowest level of new build development seen in years, the Clearwell team is keen to support SMEs in helping to reduce this shortfall. The scheme in Norfolk will comprise one-, two-, and three-bedroom homes designed with bespoke additions to each unit.

Branislav Dikov, co-founder of Waves of London with partner Steve Finneran, said, "Waves of London is committed to developing in East Anglia, and we use local labor to build our schemes. Clearwell demonstrated its difference on our first project together with a drawdown process that couldn't be better, ensuring our suppliers were paid when they invoiced us. This hugely benefits our project and our reputation as developers. The team understands development, and although our projects are often complicated, they work with us to create solutions. Developers need lenders who understand the bricks and mortar process and the importance of cash flow. We see a long-term relationship with the Clearwell team and a pipeline of projects to deliver together."

Ed Marley-Shaw, chief executive of Clearwell Capital, said, "The major house builders are slowing down their construction rates at the same time as mortgage rates are falling, and we are starting to see stability returning to the housing market. Our clients' unit sales have also picked up significantly since December, as has the number of inquiries for our senior loan product. All this leads us to believe there is much to be positive about. We look forward to continuing to fund experienced developers who build smaller bespoke schemes like Waves' Thetford scheme, supporting those SME developers that can help alleviate the housing shortage."