A Norfolk-based social housing provider has secured a £20million funding package from Lloyds Bank Commercial Banking to support its plans to build 700 new homes in the area.
Victory Housing Trust, established in 2006, provides affordable housing to residents across Norfolk and operates a portfolio of 5,000 homes.
The funding package from Lloyds Bank will support the organisation’s plans to build 700 new homes, comprising flats and houses, over the next four years.
Development will take place across 14 sites and will see new properties built in towns including Holt, Sprowston, Blofield, North Walsham and Framingham Earl, with additional sites to be developed over the coming years.
Following the funding, Victory Housing Trust has been able to double the pace at which it currently builds homes and now has the capacity to build 200 a year in Norfolk.
Stephen Read, finance director said: “The recent funding marks a new chapter for our organisation and we can now double the rate that we build new homes.
“This is all a part of our five-year strategy in which we’re aiming to build more affordable housing in the region, improve and maintain our current homes and support our residents, both current and future.”
Jo-Ann Bonham, relationship director at Lloyds Bank Commercial Banking, said: “Victory Housing Trust is an organisation that makes a huge difference to people in Norfolk by providing high-quality housing.
“This latest funding package underlines our commitment to helping Britain prosper, while supporting the social housing sector and the crucial role it plays across the UK.”
Victory Homes has annual revenues of £24million and is based in Cromer Road, North Walsham.