Stand by for 1,000 new Build To Rent homes

One of the country’s biggest Build To Rent players has secured funding for 1,000 new BTR homes.

Legal & General has signed a £150m five-year credit facility to finance 1,000 BTR units specifically in suburban areas. The credit deal is with HSBC, Barclays and the NatWest.

The loan follows Legal & General’s recent announcement with house builder Cala Homes on the exchange of 107 homes at Crowthorne in south east England. 

A statement from the BTR operator says the plan is to create “much needed, high quality family homes in areas connected to schools, transport infrastructure and key amenities, offering a best-in-class product, exceptional service as an institutional landlord, and a long-term, reliable service proposition for customers.”

The units will include home offices for flexible working, and access to outdoor space. 

Jane Sullivan, finance director of Legal & General’s Suburban Build To Rent division, says: “To have secured a facility of this size in such a challenging credit environment is testament to the merit of the product that SBTR is delivering, as well as the strength of relationship with our banking partners.

“Now more than ever there needs to be an affordable rental option that provides a viable choice. At LGSBTR we are determined to meet that need with high quality, well managed and specifically designed properties.  LGSBTR are delighted to be working in partnership with HSBC UK, NatWest, and Barclays, with this loan facility being the vital next step in helping us to deliver our mission: addressing the shortfall in high quality, affordable rental properties.”