Local government entities are under serious financial pressure, and procurement is tasked with helping to reduce spend.
Homes England funding boost for small housebuilders
Homes England and Invest & Fund (a growing development finance lending platform) have announced an expansion of the Lending Alliance.
The partnership will now offer development loans of up to £4 million, at a maximum 70 per cent Loan to Gross Development Value and maximum 85 per cent Loan-to-Cost.
It is hoped that the partnership will facilitate the construction of an additional 600 new homes.
Homes England announced the seven-year partnership with Invest & Fund in 2020 to increase the the amount of finance available to SME developers. Since then, the partnership has created a £25 million revolving fund to enable the support of small builders with construction loans of up to £2.5 million, funding schemes of two homes and upwards, at up to 80% Loan-To-Cost.
The new agreement will increase the fund from £25 million to £47.5 million and extend the term of the fun to March 2030.
Marcus Ralling, chief investments officer at Homes England, said: "Small and medium housebuilders play a vital and essential role in driving the delivery of new homes where they are needed most.
"This refinancing demonstrates our ongoing commitment to supporting the small builders that are crucial to building a diverse and resilient housing sector. By nearly doubling the fund and extending its availability, we’re providing sustained, long-term support to help SME developers grow and deliver more homes at pace."
Robert Burgess, chairman at Invest & Fund, said: "Invest & Fund are delighted to be working with Homes England to support SME developers and ensure that they have access to vital funding to deliver much needed new homes across the country."
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