Decision details

To request additional loan facility approval to Brierley Homes of £1.4m. This requirement has arisen due to the provision of additional affordable homes above policy being delivered by Brierley Homes (which was not envisioned when the total loan requirements for the company of £25m were calculated).

The Executive Member for Finance approves additional loan facility to Brierley Homes of £1.4m to reflect the reality of Brierley Homes now delivering affordable homes above policy in order to allow cashflow headroom if required and allow the company time for sales to be received over the next few months. Additional loan headroom is required to ensure Brierley Homes can make all payments due in the event of some delayed sales.

In order to ensure the Company is viable for delivering additional affordable housing an additional loan facility is requested. The reason why this is required as an urgent decision is in order to allow the company time for sales to be received over the next few weeks and therefore this will provide additional loan headroom to ensure Brierley Homes can make all payments due in the event of some delayed sales in the coming weeks.

There is an option not to approve an additional loan but this runs the risk of some payments being unable to be made if there is any delay in sales income being received.