A Solihull housebuilder has secured a £17 million finance facility to support development of its property portfolio.
Hayfield has extended its £50 million facility with OakNorth Bank to £67 million which will be used to help it deliver 500 homes annually, supported by a five-year landbank.
The company said it was on track to increase its turnover to £150 million during 2022 as it prepares to start on site at its 13th and 14th developments and has more than 400 homes in its immediate production.
It has a further 400 houses with planning consent and more than 1,000 additional plots that are currently going through the planning system.
Hayfield's co-founder Mark Booth said: "In the five years that Hayfield has been trading, we have never stood still.
"OakNorth is a long-standing, trusted partner and, by extending our relationship and our facilities with them, we can secure more prime sites sooner.
"Right now, we are as excited about the future as we've ever been and we are rapidly realising our aspiration of becoming an established institutional quality medium-sized housebuilder of note."
Ben Barbanel, head of debt finance at OakNorth Bank, added: "Hayfield is a highly impressive business, with all staff members sharing a common goal to deliver superior homes to a discerning market.
"The company is rapidly creating a quality housebuilder platform and we are immensely proud of what they are achieving.
"Supporting SME housebuilders across the UK is vitally important and we are delighted to continue to support Hayfield as a partner of choice in a busy marketplace."
