Housebuilder Pocket has agreed financing with Lloyds Bank Commercial Bank and the Homes and Communities Agency worth £123.5m.
Added to £25m funding recently provided by the mayor of London, the developer now has nearly £150m to deliver more than 1,000 homes.
John Feeney, managing director of global corporates at Lloyds Bank Commercial Banking, said: “We have structured the financing to help it deliver over the longer term.
“We hope this will help it make a difference and have a positive impact on the lives and prosperity of hundreds of people in the capital as they seek to get on the housing ladder.
“This is a complex transaction in which we have structured an innovative, flexible facility alongside two public sector partners.
“This is a powerful combination, demonstrating the positive role that private and public organisations, collaborating together, can have in addressing the housing shortage.”
Pocket builds smaller flats to make them more affordable. Homes are only available to those who live in the borough and are first-time buyers.
They sold at a discount of at least 20% to the market. All future purchasers must meet the original criteria and have a household income below the Mayor London’s affordable housing threshold.
The majority of new homes will be in Zones 2, 3 and 4. The agreement will help deliver 1,059 new home starts by March 2021. The HCA provided £33.5m.
To send feedback, e-mail alex.peace@egi.co.uk or tweet @egalexpeace or @estatesgazette
