Housebuilder Hayfield has extended its debt finance facility with OakNorth Bank to £67m.
The previous loan was capped at £50m and OakNorth has provided a further £17m.
Hayfield will use the additional funds to buy new sites around middle England and the commuter belt, to increase development to 500 homes a year.
The Solihull-based housebuilder is currently on track to hit £150m of turnover in 2022. Hayfield has more than 400 homes under construction, a further 400 consented and over 1,000 homes in planning.
Mark Booth, co-founder at Hayfield, said: “OakNorth is a long-standing, trusted partner and by extending our relationship and facilities with them, we can secure more prime sites sooner.
“We are rapidly realising our aspiration of becoming an established institutional-quality medium-sized housebuilder of note.”
To send feedback, e-mail emma.rosser@eg.co.uk or tweet @EmmaARosser or @EGPropertyNews
