The facility will support a portfolio within Close Brothers Property Finance, focused on residential development finance for small and medium-sized housebuilders across the UK

The British Business Bank, acting on behalf of the Ministry of Housing, Communities and Local Government, has agreed a transaction of up to £350 million with Close Brothers under the ENABLE Build programme.

The facility will support a portfolio within Close Brothers Property Finance, focused on residential development finance for small and medium-sized housebuilders across the UK.

The new transaction is expected to significantly increase its lending capacity, enabling over £700 million of development finance lending over the lifetime of the agreement.

The British Business Bank said the programme is intended to stimulate economic growth, accelerate housing supply and strengthen local communities by unlocking capital that encourages additional lending.

The ENABLE Build programme is delivered by the British Business Bank on behalf of the Secretary of State for Housing, Communities and Local Government.

It aims to unlock bank capital or provide more efficient non-bank funding to increase support for smaller housebuilders.

The scheme is open to UK incorporated banks, UK branches of foreign banks and asset or asset-based finance providers that offer, or intend to offer, development finance to viable small and medium-sized housebuilders in the UK.

This marks the second ENABLE transaction with Close Brothers Group, following an ENABLE Guarantee facility agreed with Close Brothers Asset Finance in August 2025.

Michael Strevens, managing director of structured financial institutions at the British Business Bank, said: Following the success of our previous ENABLE Guarantee transaction with Close Brothers, we’re pleased to be building our partnership through this ENABLE Build transaction.

Close Brothers Property Finance has been a key supporter of smaller housebuilders for over 50 years, and this support will enable even more SME developers to deliver the homes our communities need, he said.

Phil Hooper, CEO of Close Brothers Property Finance, said: We are delighted to deepen our partnership with the British Business Bank through this ENABLE Build transaction.

For over 50 years, Close Brothers Property Finance has been committed to supporting SME housebuilders, the backbone of housing delivery in the UK, he said.

He added: This agreement significantly enhances our ability to provide the funding these developers need to bring forward much-needed homes, strengthen local communities, and drive economic growth.