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Bank offers £500m fund to sector
A major bank has launched a £500m fund offering debt to housing associations.
The fund from Lloyds Bank Commercial Banking will provide loans of up to 10 years and will be available to around 200 housing associations.
Lloyds is a large funder of housing associations and loaned about £2bn of funding to support development in 2017.
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Ray Tierney, relationship director for social housing at Lloyds Bank Commercial Banking, said: “This is a major new commitment from the bank in response to feedback from our clients. It underlines our ongoing support for UK housing associations and the vital role they play in society.
“Everyone understands the challenge Britain faces in tackling its housing crisis. The social housing sector is at the heart of the solution in providing high-quality, affordable homes in the areas of the most pressing need.”
Lloyds Bank was recently joint bookrunner on L&Q’s £500m bond issuance last month. It has also recently supported Worcestershire-based Rooftop Housing Group with £25m of funding and provided a loan to Peterborough-based Cross Keys Homes.
