Penrith housebuilder Genesis Homes has celebrated securing a £4 million funding loan with Homes England to support creating 37 new homes in West Cumbria.
Homes England will provide the finance for the housebuilder’s Brigham development through its £4.5 billion Home Building Fund – a scheme introduced to support small and medium sized housebuilders in the delivery of new housing.
The St Bridget’s scheme is well under way with the sales office already experiencing a high level of interest from early-bird buyers.
Nicky Gordon, managing director of Genesis Homes, said: “It’s made a huge difference to us to accelerate a development like this. It’s on a former quarry and a lot of the engineering work her is an upfront cost that traditional lender would shy away from.
“It’s a useful relationship to have, as a smaller housebuilder and it’s great to see Homes England eager to work with small and medium housebuilders to deliver the number of homes needed.”
Colin MacCallum, transactions manager of Homes England said: “Homes England’s objective is to support and create more SME developers to help diversify the market.
“We are pleased to have collaborated with Genesis Homes to provide finance for this scheme.
“St Bridget’s is another example of how we work with our partners and do things differently to address the shortage of housing and get more homes built.”
For more information, visit www.gov.uk/government/publications/home-building-fund
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