London’s Housing Fund Failed to Make Repayments by Deadlines on £300m Government Loan 

Written By Guest User

Pictured: Sadiq Khan, Mayor of London

Context 

GLA Land and Property, the London Mayor’s property developers, have missed loan payment deadlines over the past six years. Additionally, GLAP has failed to keep adequate records of their debts. 

Content 

An internal auditor’s December report advised that funds coming out of Sadiq Khan’s budget may be required to repay the loan.

Businesses affected 

  • Financial institutions may act with more scrutiny when considering whether to finance housing-related projects. 

  • Alternatively banks and lenders may consider increasing their interest rates or tightening their lending criteria for similar projects to account for the risks involved.

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