Legal & General has backed North East affordable housing provider Bernicia with a £75m long-term finance loan to help deliver 650 homes across the region by 2023.
The cash will be provided in three drawdowns over a two-year period and will help the housebuilder grow its portfolio of 16,000 homes.
It follows on from L&G’s combined £450m investment into regeneration projects across Sunderland and Newcastle.
Steve Bolton, head of private corporate debt, Europe at L&G said: “Whilst we have seen a lot of change over the past few months, the fundamental need for good-quality, affordable homes has not changed.
“If Covid has shown us anything, it’s that we all need a safe place to call home. Covid, and the actions taken to mitigate its spread, highlight the central role of the home in people’s lives.”
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