LendInvest has announced a partnership with the British Business Bank in a move to help finance smaller property developers provide more homes across the UK.
As senior funder, HSBC will provide up to £100m, with the British Business Bank supporting the transaction via its government-backed ENABLE Guarantee programme.
This programme is designed to encourage lenders to increase their advances to smaller businesses. Under an ENABLE Guarantee, the government takes on a portion of the risk on a portfolio of loans to smaller businesses, in return for a fee.
LendInvest’s development finance scheme supports smaller property developers across the UK, as it aims to alleviate the undersupply of houses. The asset manager for has more than £3.6bn of funds under management, providing investors with opportunities to gain exposure to the UK property finance market.
“It is well known that there is an undersupply of housing in the UK and so we are delighted to partner with the British Business Bank and HSBC to unlock finance to help tackle this issue,” said LendInvest CEO, Rod Lockhart.
“The UK is a nation of homeowners without enough homes to own. Smaller property developers have a key role to play in making up this shortfall. The guarantee from the British Business Bank and the funding from HSBC, combined with our expertise in lending, is key to supporting these developers.”
Managing director, guarantee and wholesale solutions at the British Business Bank, Reinald de Monchy, added: “Unlocking finance through this facility is a great example of the difference the ENABLE Guarantee programme can make in the market.
“Thanks to this new partnership, LendInvest will be able to help more smaller property developers build more homes across the UK.”
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