Pocket Living has secured a €114m (£100m) senior debt package with Lloyds Bank to drive the continued delivery of affordable homes specifically for London’s first-time buyers. This is Pocket’s third facility with Lloyds Bank which collectively has funded over 1,000 homes to date and will remain as the developer’s principle senior lender.
Lloyds Bank’s initial commitment to the debt facility of €27.6m (£24.2m) will fund Pocket’s affordable development at Sheepcote Road in Harrow. The 100% affordable scheme is expected to complete in August 2024 and will deliver 149 one-bedroom homes which will be available at a 20% discount to market value to local first-time buyers living and working in Harrow.
The development forms part of a wider commitment from the housing developer to deliver a further 1,500 homes over the next five years; many of which Pocket intends to fund through the accordion feature in the Lloyds Bank facility.
Legendre UK is the main contractor at Sheepcote Road and is a subsidiary of Groupe Legendre, a large French real estate development and construction business.