The British Business Bank has announced an additional £100 million to its ENABLE Build facility in partnership with United Trust Bank (UTB), bringing the total facility to £350m. UTB has provided more than £830m in funding to smaller housebuilders through the ENABLE Build programme and this transaction will further boost lending by £700m, potentially supporting the creation of around 3,800 new homes across England and Wales. The programme is aimed at supporting banks in funding smaller housebuilders, a sector that usually struggles to access the finance it needs.
UTB, which was incorporated in England in 1955, has grown substantially over the years, now providing secured funding solutions to housebuilders, developers, smaller businesses, and consumers. Adam Bovingdon, Head of Property Development, UTB, acknowledged the bank’s commitment to support the SME housebuilding sector, indicating that this additional £100m guarantee would be put to use right away.
Reinald de Monchy, managing director of Guarantee and Wholesale Solutions, British Business Bank, stated “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”, expressing his delight at the increase.