Homes for the disadvantaged
Paolo Casamassima has supported 6 children abroad for many years through distant sponsorships, but he increasingly felt that he should be helping disadvantaged people in the UK too. He was also concerned that much of the money raised by UK charities didn’t get to the people that really need it. His expertise is in property, and gradually his vision grew to become the largest provider of housing for the disadvantaged in the UK.
The first property
He bought his first property at auction with a bridging loan, and planned to turn it into 6 one-bedroom flats. He then had to find along-term re-mortgage for the loan, but struggled to find any lender that would grant him a loan on a property for the disadvantaged. Not deterred Paolo took two days off work and spent them ‘googling’ and contacting every bank in the UK. At last he discovered Kingdom Bank! And they said yes. As Paolo said, ‘the whole team at KingdomBank made the whole process very easy. It was amazing that I could talk direct to the underwriter, who made the decisions.’
The property has now been leased to the Halo Housing Association, which provides accommodation for people with learning disabilities, mental illness and autism.
This is only the start, and Paolo is already in the process of securing his second property for the disadvantaged. We really hope that Paolo achieves his vision – to become the largest provider of housing for the disadvantaged.