Newton Property, one of Scotland’s largest property factors, has announced an emergency building eco-improvements fund up to £100,000 per eligible property.
Newton says its fund, which will be made available for any blocks of flats factored by the company, is in response to the climate emergency and climate strike protests which have seen millions demonstrate around the world.
The interest-free fund will be used for a variety of energy-efficient improvements to bring outdated buildings to a standard, such as the installation of solar panels, battery storage, LED lighting upgrades, insulation and much more.
It forms the second phase of Newton’s environmental initiative following the launch of its trade-marked 2020 Green Vision campaign last year, which seeks to make customer properties cleaner, greener and more energy efficient.
The company retains up to 40% of its profits each year to re-invest in its business and being able to help customers reduce their carbon-footprint is imperative.
Newton – which has offices in Glasgow, Aberdeen and Inverness – is one of the first private property factoring companies to make such a commitment. It employs over 40 property professionals looking after a management portfolio of over 20,000 factored customers nationwide with a reinstatement value in excess of £2 billion.
Derek MacDonald, joint managing director of Newton Property, comments: “We have to take action and support our customers in making smart changes that will be of huge benefit to the environment and offering this interest-free fund to qualifying customer properties is a big carbon conscious milestone for Newton.”
Stephen O’Neill, chairman and joint managing director of Newton Property, adds: “We have already pioneered the installation of electric vehicle charging points which has been done at no cost to our customers. The benefits for reducing carbon by persuading customers to get out of their old fossil fuelled cars is clear, but a climate emergency is upon us and we must do more – time is short.”
“Our responsibility as factors goes way beyond washing down the close, we have a responsibility to our customers and to the planet. We retain up to 40% of our profits each year to re-invest in our business. Now is the time to invest in our customers to help them reduce their carbon-footprint.”
The fund, which will be available nationwide, will largely be condition-free safe. However, if customers decide to change factor then the balance due would be chargeable.