Pocket Living secures €114m for U.K. residential pipeline

Pocket Living has secured a €114 million ($121 million) 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 more than 1,000 homes to date and will remain as the developer’s principal senior lender.

Lloyds Bank’s initial commitment to the debt facility of €27.6 million ($29.3 million) will fund Pocket’s affordable development at Sheepcote Road in Harrow. The 100 percent affordable scheme is expected to complete in August 2024 and will deliver 149 one-bedroom homes that will be available at a 20 percent discount from 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