Bank loan facility will be used to pay off debts and fund acquisitions

Telford Homes has arranged a £70m bank loan facility to pay off debts and fund site acquisitions.

The developer said £30m of the cash from Royal Bank of Scotland, HSBC and Santander will go towards paying off existing loans with RBS and Allied Irish Bank, leaving £40m to buy sites.

Andrew Wiseman, chief executive of Telford Homes, said: “This is a great achievement in the current banking climate and gives us significant headroom to add to the development pipeline for future years.

“We are also pleased to observe that the market in east London has remained steady, and as a result the group has performed in line with expectations during the year.”