British Business Bank agrees £150m ENABLE Build transaction with Shawbrook Bank
The British Business Bank has agreed an ENABLE Build transaction of up to £150m with specialist bank Shawbrook to increase the amount of development finance it provides to UK smaller housebuilders.
Shawbrook has surpassed £2bn of lending to UK property developers, creating over 8,000 new homes. The guarantee is expected to further support over £300m of finance to help fund the creation of new homes across England and Wales over its lifetime.
The ENABLE Build programme is focused on encouraging additional lending to smaller housebuilders in the UK. The programme is open to UK incorporated banks, UK branches of foreign banks, asset and asset-based finance providers, as well as certain other categories of lenders which provide, or intend to provide, development finance to viable smaller housebuilders operating in the UK.
With this transaction, Shawbrook has become the third delivery partner for the programme, which was expanded from £1bn to £2bn at the Government’s 2024 Autumn Budget.
Michael Strevens, head of structured guarantees, British Business Bank said: “The Government’s recent expansion of ENABLE Build significantly increased the programme’s capacity, and this transaction with Shawbrook continues that momentum. We’re delighted to partner with Shawbrook as the third delivery partner for the programme, and look forward to the initial £150m unlocking more finance for smaller housebuilders to build homes across England and Wales in 2025 and beyond.”
Simon Knowles, senior director of development finance at Shawbrook comments: “Partnering with the British Business Bank on the ENABLE build scheme is a fantastic opportunity to grow our support for housebuilders. Shawbrook has a proven track record of supporting SME housebuilders, who are vital in helping meet the ever-growing demand for new homes. This partnership will strengthen the support we can offer across the UK.”
