North West landlord completes £215m refinancing exercise

Mark Bradshaw, executive director of finance, said: “[The refinancing] will ensure the continued delivery of the ForHousing Strategy, which has been created with tenants and stakeholders to ensure we are investing where it matters to our communities the most – and support our mission to provide safe, well-maintained homes and deliver customer-focused, equitable and efficient services.”

Michelle Murray, relationship director at Barclays Corporate Banking, said ForHousing’s financing package “provides the flexibility and certainty needed to deliver their ambitious development and maintenance plans”.

“Our relationship since 2008 means we understand their priorities and we’re proud to deliver a solution that harmonises covenants and future-proofs their portfolio,” she added.

Martin Skinner, relationship manager at NatWest, said: “I am delighted that NatWest has continued its long relationship with ForHousing through its support for this important funding exercise.

“I am equally pleased that NatWest deployed our recently launched social loan product, recognising ForHousing’s ambitions to develop much-needed social rent properties in Greater Manchester.”

Earlier this year, the North West landlord was given a governance rating upgrade from G3 to G2 after the Regulator of Social Housing found it had delivered an agreed improvement plan, including “significant restructuring”.

ForHousing is also nearing completion of its 10-year contract with Cheshire West and Chester Council to manage 5,300 homes.

The council agreed in August that it will take back control of its housing stock when the contract ends next year, following demands from 75% of council tenants and leaseholders.