Weston Homes has secured a £100 million extended bank facility to build up to £1 billion of new residential and mixed schemes over the next four to five years.
The extension to the housebuilder's existing facility - up to 2018 and arranged by HSBC and Lloyds - will allow the housebuilder to deliver around 3,300 new homes over the period. This supports Weston's plans to double in size over the next four to five years.
Weston Homes, which builds in inner London and the Home Counties, has been capitalising on the strengthening south eastern market with its flagship London scheme Stratford Riverside - a 27-storey residential tower - now 70% forward sold despite not being due for build completion until 2016, the housebuilder said.
Bob Weston, Weston Homes' chairman and managing director, said: This extended bank facility further strengthens our business and places us in an excellent position to take advantage of the current buoyancy of the London and south east housing markets and new development opportunities.
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