Inland Homes has more than doubled its debt facilities with a new $65m revolving credit facility from HSBC.
The four-year loan is expected to complete in February. It includes an accordion of £20m and will replace the £20m revolving credit facility with Barclays Bank, which is due to expire in November 2019.
Group chief executive Stephen Wicks said the debt would drive housebuilding output towards a target of 1,000 homes per annum, across both private and partnership housebuilding.
Wicks said: “While our model is still focused on our core land and planning skills, the ability through our construction operations and other business lines to be a partner of choice for housing associations, PRS funds, local authorities and other key stakeholders is expected to underpin further improvement to our housebuilding margins through increased scale.”
In a trading update, Inland Homes reported “a number of new deals agreed to acquire brownfield sites”.
It noted significant activity and progress on its strategic landbank, with planning applications submitted for 200 homes across three sites and planning consent for the 1,853-home development at Cheshunt Lakeside expected in mid-February.
Wicks added: “The short-term uncertainty caused by the Brexit debacle is justifiably causing consumer concerns and one can only assume a resolution will be found in the foreseeable future.
“One thing politicians of all parties do agree on is that the UK has a chronic shortage of new homes that are affordable, and Inland is well placed to benefit from this demand going forward.”
The developer will announce its interim results for the six months to 31 December 2017 on 7 March 2019.
To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette
