Orbit Group has secured £75million of funding from HSBC to help its aspiration to deliver 12,000 new homes for sale and rent.
The five-year funding agreement will support Orbit’s development programme to achieve the minimum of 12,000 new homes it has committed to between 2013 and 2020. Orbit, with 39,000 homes, is one of the country’s largest housing associations.
Anne Turner, Chief Operating Officer for Orbit Group, said: “Orbit is a strong and thriving organisation committed to providing the new homes this country needs for rent and ownership. The new partnership will support the building of much-needed affordable homes to help tackle the housing shortage. As our first loan agreement with HSBC, we see this as the start of a mutually beneficial and lasting relationship.”
This funding is key to driving Orbit’s 2020 Vision, which in addition to its development plans, includes significant community investment funding; providing training and capacity building activities to help empowerment and employment, getting customers online, and delivering financial and energy efficiency advice.
Hugh Taylor, Head of Housing at HSBC, commented: “We are very pleased to begin this new partnership with Orbit and provide a facility that will enable them to deliver their 2020 Vision. They are a leading housing organisation with ambitious plans for communities that go beyond meeting rising demand in the UK. We look forward to strengthening our relationship with them, and others in the future."