07/10/2019 | Press release | Distributed by Public on 07/10/2019 04:21
The deal means the 4,800-home housing association and its lender NatWest have agreed to extend the term of its existing £20 million loan and also add £35 million in additional debt.
Equity manages and builds a range of affordable rented and shared ownership properties in communities across the North West, South Yorkshire and Staffordshire.
Andy Oldale, Deputy Group Chief Executive at Equity Housing Group, said: 'The communities in our areas of operation expect that, as a charitable organisation supported by public funding, we will maximise our efforts to meet housing need in the areas where we work. As a housing association with dispersed stock and a strong development performance, we believe we can best serve communities by building local, new affordable homes. This deal absolutely helps us deliver on these aims on behalf of our communities.'
Mike Roche, Director, Savills Financial Consultants, said: 'We were very pleased to be able to help ensure Equity Housing Group struck the best-possible deal to allow it to continue to deliver its business plan. In a challenging environment, it is encouraging to see that lenders continue to support the social housing sector.'
David Horne, Director Housing Finance - Real Estate Finance, NatWest Bank, said: 'This investment is crucial in building a positive future for communities across the North West of England, with Equity Housing Group being a key contributor in helping to maintain local neighbourhoods and delivering new homes for local people. The new homes will also make a significant contribution to meeting both national and regional house building targets.
'NatWest Bank plc is delighted to continue its partnership with Equity Housing Group with support to build around 800 new homes over the next five years. This development will help meet the demand for modern and safe housing and offer the tenants new community neighbourhoods to be proud of.'
Notes for editors:
- Savills Financial Consultants advises UK housing providers on funding structures and approaches. Its areas of expertise include: bank funding, public debt capital markets, US private placements, local authority lending and UK institutional investment
- In the past 12 months, Savills Financial Consultants has advised housing providers on new funding and renegotiation of existing deals worth more than £1.5 billion
- Savills Financial Consultants is part of global property advisor Savills
- Equity Housing Group is a housing association owns and manages 4,800 homes across North-West, South Yorkshire and Staffordshire. From shared ownership properties to affordable rented accommodation, Equity's portfolio is diverse. Based in Cheadle Hulme, Stockport, Equity recently chose Great Places Housing Group as its preferred partner to form a long-term legal partnership
- Royal Bank of Scotland/NatWest Bank has paved the way in banking ever since it was established in 1727. From the world's first overdraft and the first house purchase loan by a UK bank to the first fully-fledged internet banking service and mobile banking app, the bank has a history of making life easier for its customers. Across Scotland, the Royal Bank of Scotland has teams of TechXperts and community bankers offering customers the support and the skills to make the most of online and mobile banking.
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