United Trust Bank secures additional £100m facility with BBB

This adds on to the £250m transaction agreed in April 2021, making it a total of £350m. 

The British Business Bank’s ENABLE Build programme aims to support the provision of development finance for SMEs.  

So far, it has allowed UTB to issue more than £830m to smaller housebuilders. This additional fund will support a further £700m in finance and the development of around 3,800 new homes across England and Wales. 

Reinald de Monchy, managing director, guarantee and wholesale solutions at British Business Bank, said: “We are delighted to have agreed an increase to this ENABLE Build facility, which further strengthens our commitment to helping unlock finance for smaller housebuilders.  

“This increase will allow UTB to supply even more development finance loans to help housebuilders deliver homes and create more jobs to boost the UK economy.” 

Adam Bovingdon (pictured), head of property development at United Trust Bank, said: “Our relationship with the British Business Bank and our involvement in the ENABLE Build Guarantee programme has helped us to provide SME housebuilders with the funding they need to create thousands of new homes, often during challenging economic periods. 

“UTB is committed to supporting the resurgence of the SME housebuilding sector and this additional £100m guarantee will be set to work straightaway.”