Housebuilder secures £100m for 3,000 new homes
Published by Max Salsbury for 24dash.com in Housing and also in Development, Finance
A London and Home Counties housebuilder has been provided with a £100 million extension to its existing funding facility by HSBC and Lloyds.
Developer Weston Homes says the agreement will enable it to undertake up to £1 billion of new residential and mixed use construction over the next five years - equating to around 3,300 new homes.
Bob Weston, chairman & managing director, said: “This extended banking facility further strengthens our business and places us in an excellent position to take advantage of the current buoyancy of the London and South East housing markets and new development opportunities.
“The housing market is cyclical and currently London and the Home Counties are enjoying a good recovery and upward turn. This is demonstrated by the strong pick up we have witnessed in both the volume and speed of sales that the business enjoys. This banking facility enables us to capitalise on this market.”