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Greatwell Homes agrees £70m financing deal with two major banks
Greatwell Homes has received £70m in refinancing to fund work on affordable homes in Northamptonshire, including a later living scheme that was delayed by a contractor going bust in 2024.
Greatwell Homes agrees £70m financing deal with two major banks #UKhousingThe funding will bolster the association’s development programme across the area including the extra-care site, Dappletree Court, which will bring 57 homes for social rent in Wellingborough.
The package comprises a £45m revolving credit facility with Barclays, extended for a further five years, and a new £25m 10-year fixed-rate loan from NatWest, which is a new funding partner for the association.
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The interest rate on the NatWest facility was fixed on drawing, in order to provide cost certainty amid what advisors described as an “unpredictable market”.
Natalie Singh, a partner at Trowers & Hamlins, said the refinancing “strengthens the organisation’s financial position”.
“The new facilities will support Greatwell Homes’ ongoing commitment to safe, modern and sustainable homes for its customers,” she added.
The Dappletree Court scheme will cater to people aged 55 and over who need support to live independently, and is backed by a £4.8m Homes England grant.
The scheme has faced delays after its original contractor, ARJ Construction, entered administration in May 2024. Midlands-based builder Deeley Group was appointed in August 2025 and the site is now due to complete in March 2027.
Julie Robinson, executive director at Greatwell Homes, said: “The communities we serve need more new homes – properties that are attractive, flexible and fit for the future.
“Alongside supporting our building programme, this funding will allow us to invest more in existing homes so that they remain up to date, well maintained and suitable for people’s needs.”
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