The five-year funding agreement with HSBC will support land acquisition and development of affordable homes, as well as investment into Orbit Homes’ existing properties.
With this latest agreement, coupled with a £250m public bond secured earlier this year, Orbit Homes says it has funding in place to meet its target of 12,000 new homes by 2020.
Since adopting the target in 2013, Orbit Homes has completed more than 2,400 homes and boosted its development capacity. It has also moved into new areas of provision, including market rent, and grown its market sale programme, using the profits to support additional affordable housing.
Orbit Homes executive director Paul High said: “We have seen our development programme continue to grow over the last 12 months, and the new funding from HSBC will contribute to supporting the delivery of the much-needed affordable homes we plan to build over the next five years.”
Sites have already been secured to develop 1,100 homes in the east of England, 2,200 in the southeast and south London, and nearly 3,700 in the Midlands.
HSBC head of housing Hugh Taylor said: “We are very pleased to begin this new partnership with Orbit and provide a facility that will enable to them to deliver their 2020 Vision. They are a leading housing organisation with ambitious plans that go beyond meeting rising demand in the UK.”