Building for the future

RCH bolsters its development programme with £127m funding package 


22 June 2018

River Clyde Homes announced today that it has secured additional borrowing from its lenders, enabling significant investment in its development programme.

Under the new arrangements, facilities have been refinanced and increased from £65m to just under £127m (new loan facilities of £100m and £27m from Royal Bank of Scotland and Nationwide respectively).

It is one of the largest borrowing deals secured within the Scottish housing sector in recent years.

Richard Turnock, Executive Director, Group Services, said: “We are delighted to have retained our relationship with both of our lenders who have supported us since our launch a decade ago. Securing this additional funding is a major milestone for River Clyde Homes, enabling the delivery of our asset management strategy and providing the foundation for further growth of our business.”

He added: “The funding supports our new build development programme, which will deliver 1,000 new homes (750 of which will be built over the next three years), as well as provide ongoing investment across our estate.” 

David Horne, Director of Housing Finance for Royal Bank of Scotland in Scotland, said: “This investment is crucial in building a positive future for communities across Inverclyde, with River Clyde Homes being a key contributor in helping to regenerate local neighbourhoods and delivering new homes for local people. The new homes will also make a significant contribution to meeting the Scottish Government’s national house building target.” 

David continued: “Royal Bank of Scotland is delighted to continue its partnership with River Clyde Homes with support to build around 1,000 new social-rent homes. This development will help meet the demand for modern and safe housing and offer the people of Inverclyde new community neighbourhoods to be proud of.”

Image: Artist impression of forthcoming James Watt Dock development, Greenock.