Briar Homes secures £7m Bank of Scotland backing to build hundreds of new homes

Briar Homes secures £7m Bank of Scotland backing to build hundreds of new homes

Glasgow-based housebuilder Briar Homes is looking to develop an initial pipeline of 310 new highly efficient homes (including 66 affordable properties) after securing an initial £7.3 million funding package from Bank of Scotland and Housing Growth Partnership (HGP).

A longstanding client of Bank of Scotland and a key client of Housing Growth Partnership under its Regional Growth Initiative, the family-run developer has secured an initial £5m Revolving Credit Facility from Bank of Scotland alongside an additional £2.3m of equity from HGP.

The funds will initially be used to accelerate the commencement of three sites in Howwood, Wishaw & Garthamlock, with further sites already identified at Barrhead, Gladsmuir and Kennoway. The equity provided is part of a wider £14m equity commitment between Briar Homes under HGP’s Regional Growth Initiative.

Construction has already started on 10 four-bedroom family homes in Howwood with a further 22 private homes suitable for first-time buyers at Tillycairn, Garthamlock also underway. A further 27 private homes, again suitable for first-time buyers, and 45 affordable homes will also shortly commence in Newmains, Wishaw.

At Barrhead, the developer is looking to build 39 homes designed for families, while Gladsmuir, near Haddington, will comprise a mix of 27 private and seven affordable homes aimed at families and retirement downsizers. Kennoway is a substantially larger site in Fife where the developer is looking to deliver 140 crucially needed homes to undersupplied first-time buyers and families.

Paul Kelly, managing director at Briar Homes, said: “Addressing the Scottish housing market’s supply and affordability challenges remains a key priority for Briar Homes, but we can’t do it alone. The overwhelming support of Bank of Scotland and the Housing Growth Partnership working together provides us with exactly the financing springboard needed to accelerate a range of much needed new homes across the country catered towards families and those taking their first steps on the housing ladder.

“The facilities aren’t just financially supportive – they also provide certainty and a clear vision to our business as we look to continue to work with our local authority partners through the planning process, doing all that we can to increase the pace of the delivery of new high-quality homes.”

Graeme Steel, director at Bank of Scotland Real Estate & Housing, said: “At Bank of Scotland, we aspire to contribute to a society in which all households have access to affordable, safe, and sustainable homes in places they want to live.

“The housing market issues are well documented and we are committed to supporting developers delivering more quality housing across Scotland of all tenures.”

Colin Bennett, investment director at Housing Growth Partnership, said: “Briar Homes are a trusted long-term partner of HGP and we are delighted to continue to support the business growth plans through our Regional Growth Initiative, which enables HGP to support both Briar’s current sites and those coming through its planning pipeline.”

Briar Homes is a subsidiary of AS Homes (Scotland) Limited.

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