A South East-based social housing provider has secured a £65million funding package from Lloyds Bank Commercial Banking to support its plans to build 800 new houses.
B3Living, established in 2006, provides affordable housing to residents across Hertfordshire and Essex.
The package from Lloyds Bank comprises a £35million revolving credit facility alongside an existing £30million finance facility. It will support the housing association’s plans to build 800 new properties across the East of England over the next six years.
The funding is part of Lloyds Bank’s pledge to provide or arrange £500m of funding to the social housing sector during 2017 as part of its Helping Britain Prosper commitment.
B3Living manages more than 4,500 homes and employs 200 staff.
Paul Williams, finance director at B3Living, said: “The new funding will help us to support our current and future tenants as we strive to build 800 new affordable homes across Hertfordshire and Essex.
“We’ve enjoyed a long-standing relationship with Lloyds Bank. The team have been a supportive partner for many years and we’re looking forward to working with them again in the future as we continue to grow our portfolio.”
Priya Mohal, relationship manager at Lloyds Bank Commercial Banking, said: “B3Living is a great organisation that makes a huge difference to the lives of tenants in the region by providing quality housing in an area with a high cost of living.
“This latest funding package underlines our commitment to helping Britain prosper and supporting the social housing sector and the crucial role it plays across the UK.”