You are here: cherry > Press releases for October 2021 > The Mansfield Building Society supports development finance initiative, Nexa

01 October 2021

Leading East Midlands Building Society, The Mansfield, is supporting NEXA Finance by providing funding to help property developers and house builders who are seeking to build or refurbish existing residential homes or convert commercial buildings into residential dwellings.

NEXA connects house builders and residential developers in the East Midlands with funders to provide an alternative lending model that challenges the overcomplicated commercial models favoured by traditional banks.

The Mansfield is a mutual building society that has been helping people to save for the future and buy their own homes since 1870.

“We’ve chosen to work with NEXA Finance to support house building in our region,” said Paul Wheeler, Chief Executive of The Mansfield. “Funding SME developers supports the Government’s new house building targets and is a logical extension of our building society ethos. Supporting NEXA also complements our distribution strategy, in particular our already successful self-build proposition, and attracts a healthy return on capital to support continued investment for the benefit of our members.”

“It’s great to have The Mansfield on board to help support house building in the East Midlands,” said Mark Williams, Chief Operating Officer, NEXA Finance. “The NEXA team have over 60 years of experience and knowledge in the sector, and we work closely with both funding partners and developers in our region to ensure we match risk appetite with appropriately structured deals. For building societies, supporting NEXA provides access to new markets and customers, whilst recognising the commitment of each Society is different. We welcome new funders to help us grow this critical market.”