£100m bank facilty enables developer to undertake £1bn project

London and Home Counties developer Weston Homes has been provided with a £100 million amendment and extension to its existing funding facility (up to 2018) by HSBC and Lloyds.

Related topics:  Landlords
Warren Lewis
28th May 2014
Landlords
This accordion agreement will aid the growth of Weston Homes and enable the company to undertake up to £1 billion (Gross Development Value) of new residential and mixed use development over the next 4-5 years.

Weston Homes highlights that the quality of company’s banking covenants provides the business with significant stability and financial stature and will enable the company to take advantage of new development opportunities that are planned to effectively double the size of the business over the next 4-5 years.

Bob Weston, Chairman & Managing Director of Weston Homes 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.”
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