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North West landlord agrees £55m deal as it eyes 800 new homes
Equity Housing Group has agreed a £55m refinancing deal, which it will use to build more than 800 homes over the next five years.
The Stockport-based housing association, which owns 4,800 homes across the North West, South Yorkshire and Staffordshire, has extended the term of its existing £20m loan with NatWest, while also taking on an extra £35m of debt.
A year ago, the Regulator of Social Housing downgraded Equity because of concerns with its governance.
Andy Oldale, deputy group chief executive of Equity, said: “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.”
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NatWest’s director of housing finance and real estate finance David Horne said: “The new homes will… make a significant contribution to meeting both national and regional housebuilding targets.”
Equity worked with Savills Financial Consultants to agree the deal.
Savills director Mike Roche said: “In a challenging environment, it is encouraging to see that lenders continue to support the social housing sector.”
