By Debbie Franklin, Director of Tax and property tax specialist
Home England is providing development loans from £250,000 to £10 million to housebuilders based in England that are finding it difficult to borrow from traditional lenders.
Whether building for sale or rent, the loans can be used to cover the development costs. Community-led housing projects, serviced plots for custom and self-builders, off-site manufacturing, new builders, and groups of small firms working together can all access this financing.
Home England state that their flexible approach, along with their in-depth knowledge of the housing sector, put them in a good position to help businesses deliver homes.
The Fund is available to UK-registered corporate entities and limited liability partnerships if they plan to build five or more homes on a site in England. A controlling interest in the land along with outline planning permission is also a must.
More information on how to apply can be found in the Home England guidance. They also provide some case studies of situations where the financing has been used.
See: https://www.gov.uk/government/news/find-out-how-the-levelling-up-home-building-fund-can-support-you