Banner Homes secures £120m loan

South-east housebuilder Banner Homes has secured a four year £120m loan facility from a consortium of banks to fund future growth of the firm.

The £83m turnover firm said that its major shareholder had also agreed to extend an “investment loan” until 2015. The funding banks are RBS, HSBC and Santander.

Banner said it was on course to deliver a turnover of around £100m in its financial year to May 2012 with profit up by 30% on the £3.2m reported in 2011. In the previous year turnover dropped by 14% as it reacted to the downturn in the market.

Richard Werth, chief executive of Banner Homes, said: “This deal is a great achievement for the company and will allow us to accelerate Banner’s growth in quality opportunities building on our profitable performance over the last few years.”