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Housing association borrows £50m to fund development
A 5,000-home housing association based in the Home Counties has borrowed £50m from Lloyds Bank to fund its plans to build 1,000 new homes by 2021.
Thrive Homes has agreed a £25m loan and a £25m revolving credit facility with the bank’s Commercial Banking arm, under its £500m fund for social housing providers.
Thrive Homes, established in 2008, currently has over 5,000 homes in management and construction across Hertfordshire, Bedfordshire, Oxfordshire and Buckinghamshire. The organisation employs 102 people and has an annual turnover of £26m.
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Shaun McLean, resources director at the landlord, said: “Our land-led schemes form part of the first step of our ambitious plan, and by 2021 we hope to develop 1,000 more homes for people across the South of England.”
Christopher Hudson, associate director at Lloyds Bank Commercial Banking, said: “We recognise Thrive Homes as a strong, forward-thinking organisation and one which we are proud to build a new relationship with.”
Housing association financial statements 2017/18
Click on the links below to read more reports about individual associations' financial statements:
A2 Dominion reports £92.5m surplus
Aster sees 12% jump in surplus despite margin drop
BPHA sees surplus jump after shared ownership sales boost
Clarion's surplus falls for second year running
Housing & Care 21 records increased surplus
Metropolitan sees surplus fall due to post-Grenfell costs
Midland Heart records £47.8m surplus
Network Homes surplus dips for the second consecutive year
Notting Hill and Genesis post reduced combined surplus
Optivo sees turnover fall in first results since merger
Orbit surplus boosted by jump in value of private rented units
Paradigm surplus drops after £5.6m loan breakage cost
Places for People boosts surplus to £130m
Southern sees dip in surplus due to pensions and safety costs
Sovereign boosts surplus thanks to open market sales
Stonewater increases surplus by 38%
Swan surplus slides after £3.2m cladding provision
Vivid posts increased surplus post-Merger
