Care and impaired annuity provider Partnership has struck a refinancing deal worth £272 over five years with equity release provider Milton Homes.
The loan is specifically to refinance Retirement Plus, a subsidiary of Milton Homes, which suspended new business in April 2009 as it tried to secure more funding from Royal Bank of Scotland.
Of the loan, 75% will be invested in the business and 25% will be spent paying back bank debt.
"This deal demonstrates Partnership's continued commitment to the equity release market," says Andrew Megson (pictured), managing director of retirement at Partnership.
"Over the years, Milton Homes has demonstrated its qualities as an innovative business, operating to the highest standards of integrity, making them ideal partners for us in this sector."
Duncan Young, chief executive of Milton Homes, says: "We are delighted to form this relationship with Partnership and look forward to further co-operation in the future."
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