Savills Financial Consultants has supported Bolton at Home to secure a £100m funding deal, enabling the construction of 785 additional homes across Greater Manchester
The housing provider has secured £45m in new funding from the Royal Bank of Scotland, in addition to its existing £55m loan facility.
The new agreement includes funder consent for Arcon Housing Group to join the Bolton at Home group and removes some historic loan covenants linked to the stock transfer from Bolton Council in 2011.
The additional £45m funding, along with the existing agreement, will finance the construction of 785 extra homes over the next three years, taking Bolton at Home’s total to 960 homes.
Edward Mellor, executive director of finance at Bolton at Home said: “I am delighted to announce that we have secured this additional funding. This deal will be a significant boost to our ambition to build much-needed affordable homes in the Greater Manchester area.
“We’d already been working closely with Arcon as part of the Greater Manchester Housing Providers group. It has knowledge and skills that complement our own, including a wealth of development expertise. This will be invaluable to our joint ambitions to build the affordable homes the region so urgently needs.”
Mike Roche, director at Savills Financial Consultants, added: “Savills Financial Consultants is delighted to have supported Bolton at Home throughout this process.
“The new funding package and necessary permission to allow Arcon to join the Bolton at Home group will allow the association to fully use its financial clout to deliver its growth strategy and deliver hundreds more affordable homes.”