Developer secures £120m refinance deal | Midlands property news

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A national developer has secured a £120million refinance deal to support its plans to build thousands of homes across the UK.

The funds will be used by the Allison Group to implement its strategic growth plans to build 2,000 homes a year over the next five years in Lincolnshire, Cambridgeshire, Northamptonshire, Rutland, East Anglia and South West.

It consists of a £20 million five-year loan from HSBC and a £100 million five-year revolving credit facility with HSBC and NatWest.

Managing Director John Anderson said: “This agreement will put the business in a stronger position to achieve our projected goals and we would like to thank Bhavesh and his team, who have all been very supportive during the process and helped us. helped to close the deal within our defined time frame.

“We are excited to see what the future holds for us.”

The company was backed in the deal by law firm Roythornes Solicitors.

Bhavesh Amlani, Country Head of Property at Roythornes, added: “We pride ourselves on building long-standing relationships with our clients, so we are delighted to once again be a trusted supplier to the group and we are can’t wait to see their success.”

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