Whiteburn secures £7.79m investment to deliver Borders homes

The development is also supported by £1.23m equity finance from the Housing Growth Partnership (HGP) through its Regional Growth Initiative. The equity funding is HGP’s second investment with Whiteburn, supporting it to unlock the delivery of homes on multiple sites.

The latest funding from HGP and the Bank will enable Whiteburn to build high-quality, sustainable homes on a former industrial site, regenerating the area while delivering much needed housing stock in the Scottish Borders. The affordable homes delivered on the site will be owned and managed by Scottish Borders Housing Association.

Small and medium enterprise (SME) builders, like Whiteburn, have struggled to access finance due to a challenging macroeconomic environment, while being met with rising costs associated with residential development.

Eve McCurrich, managing director of Whiteburn, said: “As a leading SME housebuilder in Scotland, we are very proud to be supported by Housing Growth Partnership and that we are one of the first house builders to have secured senior debt from the Scottish National Investment Bank. We hope this lays the foundations to establish an ongoing relationship between ourselves and the Bank and gives a boost to Scotland’s wider SME housing sector.

“The £6.56m loan from the Bank will unlock almost £20m spend into the Scottish economy. It will enable the delivery of 62 new homes in the heart of Peebles, as well as supporting our supply chain and creating new jobs. I think it underpins the passion we have at Whiteburn for creating quality homes in rural communities.”

Nicola Douglas, executive director of investment at the Scottish National Investment Bank, said: “As Scotland continues to face a national housing emergency, it is more important than ever that SME housebuilders have the relevant support they need to deliver private and affordable homes for local communities.

“In partnership with the HGP, the Bank has been working closely with Whiteburn to understand and overcome the market challenges it faces. This is an exciting first investment in a project and a builder of this type as we ensure our place-based investments work to address Scotland’s housing shortage.”

The Bank is an impact investor, meaning its investments are focused on securing long-term, commercial returns as well as delivering social impact. The investment in Whiteburn is aligned to its place mission, which aims to transform communities and help people thrive.

Colin Bennett, investment director at HGP, said: “Our Regional Growth Initiatives allow us to invest equity with experienced and trusted developers across a pipeline of sites, and our recent investment with Whiteburn in Peebles is a great example of this.

“The Peebles development is our second development with Whiteburn, which follows on from Viewforth, Kirkcaldy, and we look forward to seeing the local impact this development will bring, delivering much needed new homes to the area.”