Sue Hayes, CEO at GBB, said:
“GBB welcomes the Prime Minister’s ongoing pledge with regards to the levelling up agenda, which will see greater investment in deprived areas – many of which are within our heartland in the north.
“As ever the devil will be in the detail and we look forward to seeing the plans in September to see how these align with our own mission, which is to bring about economic prosperity by being a dedicated lender to SME property developers, who to date been significantly under-served.
“The UK’s housing output per head is lower than any other major western economy and the shortage of development finance outside of London remains one of the key barriers to building more homes.
“The Government must not be deterred from increasing housebuilding as the creation of homes and office space is directly linked to job creation and more prosperous communities.
“Upon launch, GBB, headquartered in Middlesbrough, intends to get Britain building by providing property development loans of between £1 million and £5 million, with 90% of lending supporting regional property developers, small and medium sized businesses, and construction companies.”