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Homes England partners with European financier to deliver brownfield site funding
Homes England is partnering with Maslow Capital to deliver a programme of funding for small and medium-sized enterprises (SMEs) to develop brownfield sites.
Homes England partners with European financier to deliver brownfield site funding #ukhousingReal estate financier Maslow Capital has announced the launch of a Brownfield Remediation Funding Programme, in partnership with the government’s housing and regeneration agency.
The cash is intended to support SME developers “looking to unlock value” from contaminated brownfield sites.
There are 36,450 brownfield sites across the UK, according to the latest government data. Maslow estimates that this land could accommodate 1.23 million to 1.46 million homes if fully remediated and developed.
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Nigel Barclay, director of loans at Homes England, said: “This programme is a perfect example of how we are working with the private sector to empower house builders and promote a more diverse and resilient housing market, while Maslow Capital’s expertise will help to accelerate brownfield regeneration and build new homes where they are needed most.”
Maslow also said there is no specific unit count requirement to apply, but that the resulting homes “should be affordable for the local area and demographic”.
Adam Baghdadi, lead of lending solutions (UK and Europe) at Maslow Capital, said: “Historically, private developers have faced significant challenges in redeveloping brownfield sites due to high clean-up costs and unforeseen geotechnical issues, which can escalate project costs.
“Through its commitment to driving regeneration, Homes England has been instrumental in overcoming these barriers and unlocking opportunities that might otherwise remain undeveloped.
“Partnering with a government body enables us to deliver a structured funding solution with real impact – one that will not only accelerate the delivery of much-needed, high-quality homes, but also stimulate local economies.”
Interest rates and fees for developers applying to the programme “will be determined on a case-by-case basis, depending on factors such as the quality of the proposition and sponsor, the level of leverage, and other relevant considerations”, according to the financier.
The programme will be led by Maslow Capital’s Lending Solutions division with Homes England co-funding.
Maslow is a provider of real estate finance, with offices in the UK, Ireland, Spain, Portugal, Italy, Germany and the Netherlands, with financing ranges from £300,000 to £750m.
The deal with Homes England comes after the Northern Housing Consortium reiterated an earlier call last week for the government to unlock up to 320,000 homes on brownfield land in the North with a 10-year, £4.2bn programme.
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