Equity Housing Group, based in Stockport, has secured a £55m refinancing package to build more than 800 homes over the next five years.
Equity’s lender NatWest has agreed to extend the term of an existing £20m loan and add £35m in additional debt.
Equity manages and builds a range of affordable rented and shared ownership properties across the North West, South Yorkshire and Staffordshire, and currently manages 4,800 homes.
Andy Oldale, deputy group chief executive at Equity Housing Group, said:
“The communities in our areas of operation expect that, as a charitable organisation supported by public funding, we will maximise our efforts to meet housing need in the areas where we work.
“As a housing association with dispersed stock and a strong development performance, we believe we can best serve communities by building local, new affordable homes. This deal absolutely helps us deliver on these aims on behalf of our communities.”
Earlier this year, work began on Equity Housing Group’s latest development in Reddish, Stockport
Built by Mulbury Homes and in partnership with Stockport MBC, the development will contain 14 red brick townhouses adjacent to the local 19th century Victoria and Elisabeth Mills in the Houldsworth Conservation Area. Comprising nine 3-bed and five 4-bed houses, each with two car parking spaces, the properties will be available via shared ownership once completed in November 2019.