Published: August 31, 2018
Region: North East
Heathfield (Norwich) Ltd trading as Heathfield Student Community Home
Heathfield Student Community Home aims to enable students to build enriching and lasting friendships at the University of East Anglia and Norwich University of Arts. They strongly believe students benefit from the richest possible experience during their time at university.
Heathfield is a start-up business, and a loan from Unity has allowed them to replace another loan at a more competitive rate. Unity looked carefully at Heathfield’s finances and projections as part of the application process and our sector experts reassured Heathfield that their performance and plans are credit-worthy. As a result, their finances have improved, and they are paying out less each month whilst the outstanding balance decreases. Additional funds from the loan will allow them to make improvements to the property; there are plans to introduce solar PV and double-glazed windows with the aim of managing utility bills as well as positively impacting the environment. They will also be able to pay staff to cover absences. They are also keen to ensure that rent is affordable, and with the loan from Unity, it is expected that future rent increases will be kept in line with inflation.
Heathfield is a continuation of a commitment they have had for many years to welcoming students and promoting welfare. Less than a month after they started on the project the UK voted to leave the EU. They think it is very important at a time of upheaval to encourage and enable students to be good neighbours locally, and good citizens globally.
They hope to make an impact on several levels, including the provision of decent quality, affordable accommodation where students enjoy a sense of community within the confines of, and extending beyond the accommodation. They want to impact the way the purpose-built student accommodation market develops in Norwich, with an emphasis on networking and relationships, including nurturing alumni after they leave.
David Patey, Managing Director, commented about his experience with Unity:
“From our first contact with Unity it was obvious that they ‘got’ what we are doing. Throughout the process of applying for funding and receiving the loan, I felt that they were rooting for us, at the same time as asking searching questions to ensure that we were acting prudently.”
