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Newly merged housing association borrows £135m
Newly merged housing association Platform Housing Group has borrowed £135m in a funding package from Lloyds Bank.
The 45,000-home association, which is based in the Midlands, will put the money towards its plans to build 18,000 new affordable homes over the next 10 years.
Platform was formed in October last year through the merger of Waterloo Housing Group and Fortis Living, two of the biggest developers in the region.
Last month, it hired a new chief executive, Ian Wardle, former chief executive of Thirteen Group, who will join the group in April.
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When the decision was announced, Mr Wardle praised Platform’s “clear strategic vision” and “ambitious development programme”.
Andy Howarth, group finance director at Platform Housing Group, said: “Our development programme is one of the most ambitious in the sector and will enable us to support thousands of people across the region by providing much-needed and high-quality affordable housing.
“Lloyds Bank worked with both Fortis Living and Waterloo Housing, so it was logical to select them as banking partner for Platform Housing Group. The team has deep sector expertise and understands our business and its vision.”
Jatinder Dhaliwal, relationships director at Lloyds Bank Commercial Banking, added: “Demand for housing has hit an all-time high in recent years. Platform Housing Group will take on a key role in tackling increased housing pressures in the region with 18,000 new properties.
“As one of the UK’s leading lenders to the sector, we’re proud to be supporting housing associations like Platform Housing Group in providing high-quality, affordable homes across the UK. Our support forms part of our commitment to helping Britain prosper and we’ve pledged to support Midlands businesses with up to £2.5bn of lending in 2019.”
