Eden Housing strikes £45m funding deal with two lenders

This includes building new affordable homes in areas of high demand across the Eden Valley and North Lakes and continuing to invest up to £6m a year in improving and maintaining tenants’ homes.

Guy Johnson, director of finance and corporate resources at Eden, said: “This is great news for Eden and more importantly for our current and future tenants.

“We are committed to investing in existing homes and services, meeting sustainability targets and building new homes across rural Cumbria. 

“As a community-rooted, tenant-focused organisation we pride ourselves on providing good-quality, safe and affordable homes. We are delighted to partner with the funders to ensure we can deliver on our future plans.” 

Eden’s legal advisors, Devonshires worked with the team at Savills Financial Consultants on the funding deals.

Mike Roche, director at Savills Financial Consultants, said: “Our team is pleased to have been able to help Eden achieve a key aim in its business plan of reviewing its Treasury strategy and completing this refinancing. 

“This is an important moment for Eden as it enhances its existing relationship with long-term lender Barclays, while updating its stock transfer loan covenants, restructuring its interest rate hedging approach and adding new finance to increase its financial capacity and to help deliver its aims for tenants.”

Robert Hession, relationship director at Barclays, said: “Barclays has proudly supported Eden since its inception, financing their original stock transfer in 1997.

“We’re delighted to continue our partnership through this latest refinancing, which unlocks additional capacity for Eden to build new affordable homes and invest further in their existing homes.

“This reflects Barclays’ continued commitment to housing associations like Eden, who play a vital role in the UK economy and in addressing some of the nation’s most pressing social challenges.”

Heidi Billington, director of property finance and public sector lending at Nationwide, said: “As a longstanding lender to the UK’s social housing sector, we are delighted to welcome Eden Housing as a new customer of Nationwide. 

“With both organisations rooted firmly in delivering social purpose, we are proud to support Eden Housing with a £20m facility that will go towards much-needed new homes and investment in existing tenants’ properties across Cumbria.”