Medway landlord mhs homes has secured an extra £40m from its funders to spend on building social housing in the Towns.

John Sands, Chief Executive said, “Bruce Shelmerdine, our Finance Director who had been working on the deal with the funders since the summer, signed the agreement last week.

"Our total loan facility has now been taken up to £200m.”

He added, “This is great news for mhs homes, not only because we have secured the funds that will allow our Development Team to take advantage of current housing market conditions.

"But also because it is a significant vote of confidence from our funders in very difficult times.

Mr Sands said, “The Credit Committees of four major lenders, Royal Bank of Scotland, Nationwide, Abbey and Barclays have all examined the group Business Plan in detail and with our track record of managing and developing homes, have determined that we represent a sound investment for the future.

"There are very few deals being done at the moment and this makes our achievement all the more rewarding.”

“This is also very good news for Medway because it means that we have a further £40M to invest in housing in the area.

"When we add to that potential grant funding from the Homes and Communities Agency and further contributions from our own resources, the total benefit to Medway is likely to exceed £60m.”

“This is an early Christmas present that points to a successful 2009!”