Rentplus Funding Update
Rentplus are pleased to announce that BAE Systems’ pension fund will invest £70 million in the fast growing rent-to-buy housing provider that aims to build 8,500 affordable homes by 2020.
The investment in Rentplus, will pay for 580 homes to be built.
Rentplus was founded in 2013 and offers five-year tenancies at 80 per cent of the market rent, with most renewable on a five, ten, fifteen and twenty-year basis. At the end of their agreement, tenants are given the opportunity to purchase their property and are eligible for a 10 per cent gifted deposit to aid their mortgage application. Rentplus is currently on site building 65 homes within two developments in Plymouth and Sherborne, Dorset and the first tenants are due to move in next month. The Plymouth based company plans to expand across southern England through Oxfordshire and into Cambridgeshire and East Anglia.
Manor Investments are retained by Rentplus in East Anglia and are currently acquiring sites for aspiring homeowners across the region.