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Keepmoat secures £18.3m from HCA
A house builder has secured the largest award from the government’s Builders Finance Fund with an £18.3m injection to accelerate 2,000 new homes.
Keepmoat was awarded the funding by the Homes and Communities Agency (HCA) for 11 sites across the country.
The Builders Finance Fund (BFF) offers loans to builders to help speed up developments with planning permission for between 15 and 250 homes.
Keepmoat purchases the majority of its land from councils, and says it seeks to work in “close partnership with local authorities, housing associations and the HCA”.
David Sheridan, chief executive of Keepmoat, said: “We are wholly confident of the success of these schemes and that the loan monies will be repaid within the agreed timescales.”
The main objective of the £525m BFF is to restart or speed up developments which have slowed or stalled, and help builders access finance.
The BBC revealed last October that only £1m of funding had been allocated after limited take-up. The funding currently runs through to March 2017.
The largest loan agreed in the package is funding of just over £3m for Keepmoat’s Central Park scheme in Darlington.
Inside Housing revealed last month that the HCA is planning to roll several pots including the Builders Finance Fund together into a single fund which will be launched after the referendum.
