£18.3m from the Builders Finance Fund for Keepmoat

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The Homes and Communities Agency (HCA) has awarded national housebuilder, Keepmoat, with a landmark £18.3m through the Builders Finance Fund (BFF); which will accelerate the delivery of 2000 new homes across the UK.

Keepmoat’s successful bid to obtain funding for 11 sites* across the country from the Builders Finance Fund is the most secured from any one developer, in both value and quantity.  The firm also previously obtained monies through the fund for a scheme in the North East and currently holds 80% of what has been granted nationwide.

The Builders Finance Fund was launched by the HCA in 2014 to precipitate the provision of housing following the economic slowdown.  It is part of a package of government measures to deliver 1 million new homes by 2020.

Dave Sheridan, CEO for Keepmoat, said:

“We are intrinsically different to most housebuilders in that we purchase the majority of our land from the council and work in close partnership with local authorities, housing associations and the HCA.

“We have a proven track record in delivering successful schemes with the HCA, and strategically selected projects across the country, where we felt there was scope to accelerate the delivery of much needed new homes, while complying with the requirements of the initiative.”

The BFF can offer loans to builders with planning permission for between 15-250 homes.  Dave describes how the firm deliberately assembled the 11 developments in one bid to demonstrate how homes in multiple regions could be unlocked to offer more first time buyers a renowned hope of home ownership.

He added: “We have a shared vision of providing more quality, affordable homes, while regenerating key communities.  It’s a partnership which has had huge success for many years, so we are wholly confident that we will deliver across all 11 schemes to the highest standards and that the loan monies will be repaid within the agreed timescales.”

*The sites include:

Project

BFF Loan

Central Park, Darlington                £3.1m
Dinnington, Newcastle                  £2.5m
Chartwell Drive, Bradford             £0.9m
Campsall Road, Askern                  £1.5m
Bardon Road                                    £1.9m
Bucknalls Hospital                            £1.6m
City Waterside, Stoke                    £1.2m
Horsehay, Telford                            £0.2m
Mansfield Road, Tibshelf              £1.6m
Woodford, Winsford                 £2.7m
Paston Reserve Phase 2            £1.1m
TOTAL £18.3m

For more information regarding Keepmoat, please visit keepmoat.com.

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