Inland Homes has refinanced its 1,725-home Cheshunt Lakeside scheme in Hertfordshire with a loan from Homes England.
The brownfield developer, housebuilder and regeneration specialist said the new loan, for its joint venture Cheshunt Lakeside Developments, was on “considerably more favourable terms than the previous facility”.
The mezzanine loan facility of £14.25m with Homes England will be used together with a £7.4m infrastructure facility and an additional interest and fees roll-up facility of £2.85m. The facility is available to 21 March 2024, with repayment due by 31 December 2026.
The group has also increased an existing facility with Paragon Development Finance by £1.75m, with repayment due by 30 June 2023.
Inland Homes secured planning consent for the Cheshunt Lakeside site in 2019. It said it is now in advanced negotiations with “a major build-to-rent fund” for the development of phase 1b, comprising 205 homes, with further details to be announced in due course.
Inland Partnerships is currently constructing 195 homes for a local housing association as phase 1a.
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