Lloyds has agreed a new £40 million revolving credit facility (RCF) with Westward Housing Group, doubling its existing £20 million in RCF support for the social landlord.

Westward provides affordable housing in the South West, with a portfolio of over 7,500 homes and supporting more than 18,500 residents across the region. The financing arrangement will assist plans to increase development output, with a focus on a mix of new acquisitions and existing development.

Opportunities have been identified across Plymouth, Exeter, East Devon and the wider South West.

Lauren Bailey, Associate Director, Housing at Lloyds, said: “Westward plays a vital role in delivering affordable homes across the South West. This increased revolving credit facility is designed to give the organisation greater flexibility and confidence to progress development in areas where demand for affordable housing is high. By providing the headroom needed to support both immediate opportunities and future growth, we’re helping Westward continue to deliver homes and investment for communities across Devon and Cornwall.”

Stephen Lodge, Chief Executive, Westward, said: “At Westward, we uphold our customers’ right to safe, affordable housing. This agreement allows us to develop new homes and improve existing homes, whilst making improvements that will benefit the lives of our customer households in the South West. Our corporate strategy lays out the foundations for our ambitious growth plans while improving housing in the region.”