Revolving facility will allow SME housebuilder to develop Bidwell West scheme
Storey Homes has secured £23.6m in funding to start construction on its 109-home Bidwell West scheme in Bedfordshire.
The Milton Keynes-based housebuilder said it had secured a revolving facility from Paragon Development Finance, specifically tailored to the scheme.
The firm bought the 15-acre plot for the homes in Houghton Regis last year. It plans to deliver 33 affordable homes as part of the project.
Storey Homes’ MD Katy Jordan said the development would appeal to those moving out of London in search of a better quality of life. “The size and scope of this facility aligns with our appetite for building much-needed quality homes to meet the high demand,” she said.
Last year Jordan told Housing Today that Storey, which is less than 10 years old, turned over £11m in 2019 but has an ambition to grow to a 300-homes per year business.
Last month Jordan was appointed as a director on the New Homes Quality Board, which is designed to set up a housing ombudsman system for the industry.
Storey is already working on schemes in Bedford, Barkway and Kempston. The first homes in Bidwell West are expected to complete in October this year.