Mar City agrees £40m loan facility with HSBC

MIDLANDS residential develeloper Mar City has signed a five year revolving loan facility with bank HSBC.
 
The Birmingham and Solihull firm – which also has a London operation – says the new debt facility will enable it to continue executing its strategy of delivering high quality new homes in its core geographies of the Midlands, London and the South East and generate further significant growth. 
 
Additionally, it says, the new facility will allow it to deliver its target to build a three to five year land bank.

“Mar City continues to review a range of strong opportunities which meet its minimum margin intake requirements and will continue to add to its land bank during the second half of the year and expects to achieve its target of securing at least 3,000 plots by the end of the year,” the firm said in a statement to the London Stock Exchange this morning.
 
Tony Ryan, chief executive of Mar City, said:  “We are absolutely delighted to have secured the ongoing support of HSBC and to have signed this significant credit facility.

“This will enable us to continue to deliver the significant growth we have planned, to further develop our new modular construction technology and to deliver our target of securing at least 3,000 plots by the end of the year.”