Listed housebuilder Mar City has sealed a new £40 million finance package with HSBC.

The company, based in Birmingham's Jewellery Quarter, has signed a revolving loan facility with the high street bank which follows the equity raise completed in December.

Mar City said the new debt facility would enable it to continue its plan of delivering new homes in its core geographies of the Midlands, London and the South East.

It is also aiming to build a three to five-year land bank and have at least 3,000 plots by the end of the 2014.

Chief executive Tony Ryan said: "We are absolutely delighted to have secured the ongoing support of HSBC and to have signed this significant credit facility.

"This will enable us to continue to deliver the significant growth we have planned, to further develop our new modular construction technology and to deliver our target of securing at least 3,000 plots by the end of the year."

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