KINGDOM Group has announced it has secured £50 million in funding to support its commitment to building affordable homes across Fife, Perth & Kinross, Clackmannanshire and Falkirk.
The funding has been provided by Royal Bank of Scotland (RBS) and Bank of Scotland (BoS) and, in conjunction with government grants, allows Kingdom to play its part in tackling the housing emergency in Scotland by developing around 500 new homes.
The organisation said renegotiating existing lending arrangements has also provided greater financial flexibility to invest in existing housing stock.
Leigh Grubb, Kingdom’s group director of corporate services, said, “The private funding market remains incredibly supportive of Kingdom and appreciates the vital role affordable housing plays in society. We received several competitive offers from funders and decided to split the award equally between two of our existing lenders, Royal Bank of Scotland and Lloyds, with whom we continue to have strong relationships and who have consistently supported the sector in Scotland.
“During the current housing emergency, our desire to keep developing new homes remains strong, even though there has been some slowdown in our programme due to government funding restrictions. This funding allows us to focus on what matters most, providing high-quality, affordable housing for our customers across the central belt.”
