Purpose

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).

Decision

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.

Reasons for the decision

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.

Alternative options considered

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.