Housebuilder Vanderbilt Homes has secured an additional £12.5m of funding from Cheyne Capital Management and refinanced its debt.
The capital injection from Cheyne will support the company’s growth plans. Vanderbilt Homes is looking to invest more than £45m in new land acquisitions having recently doubled the size of its land team and appointed Duncan Klitgaard from CALA Homes as group land director
The refinancing with the developer’s senior lenders, Barclays and RBS, which have extended its £35m revolving credit facility for an additional three years, will also help fund its plans.
Chris Chiles, group managing director at Vanderbilt Homes, said: “This deal comes at a time of exciting transition for Vanderbilt Homes and gives the business considerable firepower in the land market.”
Rob Turner, from Cheyne, which has been an investor in the business since 2014, said: “Cheyne made the decision to make a material investment in Vanderbilt Homes because the organisation has a credible business plan designed to deliver robust growth in coming years and we have a strong belief in the ability of the management team to deliver it.
“This investment is part of our strategy of providing flexible financing solutions to housebuilders building much-needed high-quality family housing in areas where there is a significant shortage of supply.”
Established in 2004, Vanderbilt Homes has seen its turnover grow by 65% in the last three years. The developer will complete 75 homes this year and plans to deliver over 200 homes by 2020.