{"id":17880,"date":"2024-12-04T07:54:05","date_gmt":"2024-12-04T07:54:05","guid":{"rendered":"https:\/\/www.thebusinessdesk.com\/south-west\/?p=17880"},"modified":"2024-12-06T07:29:07","modified_gmt":"2024-12-06T07:29:07","slug":"housebuilder-secures-50m-funding-deal","status":"publish","type":"post","link":"https:\/\/www.thebusinessdesk.com\/south-west\/news\/17880-housebuilder-secures-50m-funding-deal","title":{"rendered":"Housebuilder secures \u00a350m funding deal"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Cavanna Homes has secured \u00a330m of funding from Lloyds Bank \u2013 an increase of 50% on the previous funding arrangement.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The deal marks a renewal of Cavanna Homes\u2019 five-year revolving credit facility with Lloyds Bank, which has been supporting the Torquay-based housebuilder with banking facilities since 2012.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Scott Murray, group finance director, said the new arrangement provided the liquidity to keep the company safe and to support the firm\u2019s future growth plans. \u201cIt has been competitively priced reflecting the company\u2019s strong governance and credit position,\u201d he added.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Cavanna Homes is currently building new homes at sites across the South West with three developments in Exeter &#8211; Equinox II, Equinox III and Cavanna @ Elm Park.\u00a0 Properties are also available at Oak Mount, Hemyock, Market Place, Holsworthy and Bellevue, Bude.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">New developments are coming soon to North Devon, Dorchester and Bridgwater.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The firm, which marked its 100th anniversary in 2023, has weathered a challenging period for the housing market, achieving its targeted turnover and profits before tax despite inflationary pressures and supressed demand for new homes.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Paul Collings, relationships director at Lloyds Bank in the South West, said: \u201cWe\u2019re proud to be supporting a business that is delivering much-needed housing to the South West, all while prioritising the sustainability of its business operations.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cBolstering our long-term support of Cavanna Homes means that the business can embark on its path of scaling-up, delivering more affordable and social housing and creating developments that positively impact their communities..\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Murray thanked Cavanna Homes\u2019 legal team at Michelmores and Ashfords for their support.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">\u00a0\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cavanna Homes gets funding boost from Lloyds Bank<\/p>\n","protected":false},"author":18,"featured_media":17869,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"coauthors":[81],"class_list":["post-17880","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property","tag-devon","tag-featured-story"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.9 - 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