Elivia Homes has secured a £100m refinancing deal with Octopus Real Estate.
The three-year revolving credit facility, offering up to £100m in senior debt, builds on the £200m shareholder facility already in place and supersedes Elivia’s previous financial partnerships with Barclays, NatWest and Santander.
Iain Brown, chief financial officer at Elivia Homes, said: “This marks a crucial milestone for the business, and we are thrilled to have secured up to £100m in additional capital under an improved security structure. This funding will furnish the business with the capital necessary to realise our ambitious growth plan over the next three years, and we extend our gratitude to Barclays, NatWest, and Santander for their steadfast support to Elivia and Millwood over the years.”
Chris Chiles, CEO at Elivia Homes, added: “This new agreement will serve as a key building block in our pursuit of delivering Elivia’s differentiated product and service to a wider range of customers. This funding will enable increased investment in land, digital technologies and sustainable innovation, scaling the Elivia platform and taking advantage of the market opportunities across all three regions.”
Andy Scott, head of development lending at Octopus Real Estate, said: “Here at Octopus Real Estate, we’re on a mission to reimagine real estate lending and investment. This facility marks our latest product innovation into the core residential sector – Elivia have been delivering high quality housing for a number of years, and we’re delighted to be able to support them with a bespoke facility as they embark on the next stage of their growth towards building 1,000 new homes per year.”
