Housebuilder Honey has secured an additional £80m revolving credit facility (RCF).
The new facility, which has an accordion option to grow to £100m, has been agreed with existing funding partner OakNorth and new partner NatWest. This takes Honey’s total available bank facilities to £180m.
Jeremy Gledhill, chief financial officer at Honey, said: “This is a key milestone in Honey’s ongoing growth journey with our banking partners continuing to show great support for our business. This additional RCF facility significantly further strengthens that support. It provides us with the flexibility to continue to be active and agile in the land market and to open a third region in the East Midlands.
“We are very pleased that OakNorth Bank has expanded its commitments to Honey having been with us since day one and thrilled in equal measure to have added NatWest as a funder. We view this as a sign of Honey’s continuing maturity as a business, having come a very long way since we were founded.”
Damien Hughes, senior director of property finance at OakNorth, added: “It has been a pleasure to support Honey as the company has continued to grow by building on the facilities we provided since it was established. It has been impressive to witness the fast growth Honey has achieved, and we look forward to seeing that continue alongside our future relationship.”
Jonathan Ellis, director, real estate finance at NatWest, said: “NatWest is committed to supporting the UK housing sector across all tenures, recognising the important role both private housebuilders and social housing providers play in meeting the country’s housing needs. We have been impressed, not just by Honey’s business’s performance, but also the ambition of the senior management team, so we are naturally excited to now be partnering with them. We look forward to seeing Honey continue its regional expansion at pace.”
