The Mayor of London Sadiq Khan has approved a £50m loan facility for Mount Anvil to help it purchase new sites and deliver new homes.
Mount Anvil has 2,000 homes in its pipeline, while it plans to deliver 10,000 homes in London before the end of the decade.
The developer will deliver 1,400 new homes by the end of March 2025.
Tom Copley, deputy mayor for housing. said: “In these uncertain times I am delighted to be able to confirm this new loan facility for Mount Anvil, one of London’s most dynamic property developers.
“It is vital that London emerges from the lockdown with a renewed focus on delivering the social and other genuinely affordable homes our city so desperately needs. Funding arrangements such as this will ensure that our private sector partners can accelerate their plans for the next decade and, crucially, increase delivery of much needed affordable homes.
“I am also proud to work with Mount Anvil to pioneer the new clause that we have added around equality and diversity, and will include on all similar contracts going forward. We are ensuring that ‘poor doors’ are confined to history and helping to build a fairer and more equal city for all Londoners.”
The partnership is the first of its kind between GLA Land and Property and a private developer.
This post has originally been featured in Property Wire.