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Orbit secures £30m for market sale homes

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Orbit secures £30m for market sale homes

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Published by Max Salsbury for 24dash.com in Housing and also in Development

Orbit secures 30m for market sale homes Orbit secures 30m for market sale homes

Image: Money via Shutterstock

Social landlord Orbit Homes has secured £30 million in funding to help it expand its market sale programme.

The three-year development facility provided by the Royal Bank of Scotland will enable the delivery of over 900 homes.

Orbit plans to deliver over 1,000 homes per year across all tenures until 2020.

The housing association says the creation of homes for market sale will prove a major factor in delivering its housing targets, with profits generated from sales being used to subsidise new 'affordable' properties.

Paul High, Orbit Homes' executive director, said: “We are delighted to have agreed this facility with RBS. With a desperate nationwide shortage of housing, and the amount of new homes being created well below the level needed to meet demand, Orbit has set some challenging targets for building more homes in the run up to 2020.

“This agreement with RBS will help us take a big step in the right direction to achieving those targets; it will enable us to expand our market sale programme to create over 300 homes per year.”

Adrian Warby, senior relationship director at RBS, said: “We are proud to support Orbit Homes through this exciting period of development, creating much-needed housing for local people.

“We look forward to working alongside Orbit over the coming years and watching the programme take place.”

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