A Southern registered social landlord has borrowed £10m to expand its homeownership arm.
First Step will use the money to build 123 homes for shared ownership.

The RSL, part of Pavilion Housing Group, is so small that HBOS, which made the loan, allowed it to pledge a relatively low level of security to borrow the money for expansion.

HBOS director Gabrielle Berring said: "It can borrow more against existing stock than it might otherwise be able to."

The RSL's newest scheme, at Upper Weybourne Lane (pictured right), has 10 units for shared ownership and two under the Homebuy scheme.

It was built through the Sapling Partnership, which is made up of Pavilion Housing Group, Sarsen Housing Association, Sentinel Housing Group, Atlantic Housing Group and Parchment Housing Group and which bids for Challenge Fund cash.

Source

Housing Today