Table of Contents
Magenta Living has signed a huge agreement to purchase 50 homes, just ten days after securing £40 million of financing.
The housing provider signed an agreement financed by Santander to achieve their plans of expanding with more homes, according to Birkenhead News.
The loan is just one amongst an expected £77 million of financing this year. The funding will cover green initiatives, new builds, and modernisation. Magenta is already in the proccess of building 1,300 new homes in the next four years (by 2030), mostly in the Wirral and some in Liverpool.
They are wasting no time, as the company has already paid the deposit for 50 new homes from Northstone at its Merse development in Bromborough.
After entering the market, the Wirral-based housing provider received offers of around £300 million in funding – five times more than it was looking to raise – showing strong confidence from investors.
The big bucks will no doubt support them in their goal of delivering the 1,300 homes across Merseyside. 70 percent will be built in the Wirral, while the further 30 percent will be dotted across the Liverpool City Region. The focus on the Wirral is intended to show a commitment to the community and local property rather than big business.
Paul McGrady, Magenta Living's Chief Finance Officer, said: "By raising the finance now, we can move quicker with our building programme and say 'Yes' to opportunities. That's how we were able to sign an agreement for 50 homes from leading housebuilder Northstone within ten days of the loan agreement for homes that will be ready in September."
Mr McGrady continued by expressing his happiness at the confidence in Magenta and hinted that they are still negotiating finances with other financiers.
Phil Wilson, Northstone's Chief Executive, added: "We have a good relationship with Magenta Living as a local developer on the Wirral, and we are delighted that they have been able to secure this quick turnaround on this deal. Merse is an exciting mixed tenure development with various partners providing much-needed new homes to people in the area, and we look forward to handing the keys to 50 of them over to Magenta in the not-too-distant future."
