The British Business Bank, acting on behalf of the Ministry of Housing, Communities and Local Government, has agreed a transaction of up to £350m 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.
Close Brothers Property Finance is currently funding the construction of more than 7,000 new homes and is regarded as a long-standing supporter of SME developers.
The new transaction is expected to significantly increase its lending capacity, enabling over £700m 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.”
Chancellor of the Exchequer Rachel Reeves said: “This agreement between the British Business Bank and Close Brothers marks a significant step in boosting housing supply and supporting housebuilders across the UK.
“By unlocking up to £700m of finance, housebuilders will have the backing they need to deliver thousands of new homes.
“It’s a clear example of how we can boost growth, create jobs, and build thriving neighbourhoods.
“We are committed to get Britain building again, with a target of building 1.5 million homes over the course of parliament. And this partnership shows how we are turning that ambition into action.”
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.
“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.
“We are proud to play our part in unlocking housing supply and helping to deliver on the Government’s ambition to build more homes across the country.”
Close Brothers is also an accredited delivery partner for several British Business Bank programmes, including the ENABLE Guarantees programme, the Growth Guarantee Scheme and legacy schemes such as RLS, CBILS, BBLS and CLBILS.
