Stockport-based Equity Housing Group has agreed a £55m refinancing package in order to build more than 800 homes over the next five years.
Advised by Savills Financial Consultants, Equity’s lender NatWest has agreed to extend the term of an existing £20m loan and add £35m in additional debt.
Equity manages and builds a range of affordable rented and shared ownership properties across the North West, South Yorkshire and Staffordshire, and currently manages 4,800 homes.
Earlier this week retirement living development Gladman also announced it had secured a £40m finance deal with the high street bank to support the delivery of four projects in the North West and a further 13 around the UK.
Andy Oldale, deputy group chief executive at Equity Housing Group, said: “The communities in our areas of operation expect that, as a charitable organisation supported by public funding, we will maximise our efforts to meet housing need in the areas where we work. As a housing association with dispersed stock and a strong development performance, we believe we can best serve communities by building local, new affordable homes. This deal absolutely helps us deliver on these aims on behalf of our communities.”