£40m Lloyds funding to build affordable homes in Devon and Cornwall

More affordable homes could be on the way across Devon and Cornwall. A new funding deal between Lloyds and Westward Housing Group has just doubled the money set aside to build them.

Lloyds has agreed a £40 million revolving credit facility with Westward, money the housing association says will go towards developing affordable homes across the South West.

What the deal does

The agreement doubles the support Lloyds already had in place with Westward, taking the revolving credit facility from £20 million to £40 million. A revolving credit facility works a little like a large overdraft. The organisation can draw on the money, repay it and draw on it again, which gives flexibility to fund both immediate work and longer term plans.

Lloyds said the extra headroom is meant to give Westward more confidence to push ahead with development in places where demand for affordable housing is high.

Where the homes could go

Westward and Lloyds have identified opportunities across Plymouth, Exeter, East Devon and the wider South West. The focus is a mix of new acquisitions and existing development, aimed at areas facing high housing demand and affordability pressures.

Westward currently runs a portfolio of more than 7,500 homes and supports over 18,500 residents across the region.

What the two sides said

Lauren Bailey, Associate Director, Housing at Lloyds, said Westward “plays a vital role in delivering affordable homes across the South West.” She said the increased facility was designed to give the organisation more flexibility and confidence to progress development where demand is high, supporting both immediate opportunities and future growth.

Stephen Lodge, Chief Executive at Westward, said: “At Westward, we uphold our customers’ right to safe, affordable housing. This agreement allows us to develop new homes and improve existing homes, whilst making improvements that will benefit the lives of our customer households in the South West. Our corporate strategy lays out the foundations for our ambitious growth plans while improving housing in the region.”

📷Westward and development partners Legacy cross new mixed site development in Goonhavern, Cornwall