Access Homes has signed an £11m loan with Lloyds TSB that will allow it to build 100 key-worker homes.
Most of the homes for London key workers are shared ownership and the rest are for rent at market prices.
The deal includes a £5m, five-year revolving facility. Rita Akushie, group finance director at Access’ parent, Newlon Housing Trust, said this was useful for shared-ownership developments because money can be repaid when homes are sold and borrowed again later.
The loan also includes £2m of unsecured borrowing. Akushie said: “That means the cash is readily available and we do not have to think about putting up security before we can draw down the money.
“It can take weeks or months to put security in place.”
Paul French, relationship director at Lloyds TSB, said: “The loan facility is tailored to support Access’ development plans.”
Bradford & Bingley has increased Pennine Housing 2000’s loan facility by £22m from £111.5m to £133.5m. The rise will pay for development.
Source
Housing Today
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