Orbit Homes has secured £30million of funding to help expand its market sale programme.
The three year development facility provided by the Royal Bank of Scotland (RBS) will enable the delivery of over 900 new homes.
This funding will be key to enabling Orbit Homes to achieve its ambitious plan to deliver over 1,000 homes per year until 2020. Creating homes for market sale will prove a major factor in delivering these homes – profits generated from sales will be used to subsidise the creation of more affordable homes.
Paul High, executive director of Orbit Homes said: “We are delighted to have agreed this facility with RBS. With a desperate nationwide shortage of housing, and the amount of new homes being created well below the level needed to meet demand, Orbit has set some challenging targets for building more homes in the run up to 2020.
“This agreement with RBS will help us take a big step in the right direction to achieving those targets; it will enable us to expand our market sale programme to create over 300 homes per year.”
Adrian Warby, senior relationship director at RBS, said: “We are proud to support Orbit Homes through this exciting period of development, creating much-needed housing for local people.
“We look forward to working alongside Orbit over the coming years and watching the programme take place.”