Homes England and Invest & Fund have announced a seven-year lending partnership to support small builders.
Homes England and Invest & Fund have announced a seven-year lending partnership to support small builders.
The collaboration will see a £25m revolving fund invested. The construction loans are of between £400k and £2.5m, with funding schemes of two homes and upwards, at up to 80% loan-to-cost.
Applications will be accepted from 9 September.
Gordon More, chief investment officer at Homes England, said: “We are delighted to announce this partnership today which underlines our commitment to supporting the growth of small builders to allow them to continue to diversify the market and become the large builders of tomorrow.
“In Invest & Fund, we have found a partner with a shared purpose to support the market and the desire and capability to scale their lending activity.
“The deal demonstrates our ability to Make Homes Happen in different ways in support of our mission.”
David Turner, chief executive of Invest & Fun, added: “We are delighted to be partnering with Homes England to help fund the development of the new homes the country needs.”
“Our approach of employing a best in class credit underwriting model, backed by a strong focus on operational excellence and our culture of good governance has been recognised in this partnership and we are focused on lending to creditworthy borrowers via this venture.”
