North West landlord secures £110m refinancing with major bank

FCHO will also put the funds towards making its existing 11,500 homes more energy-efficient, so that all have an Energy Performance Certificate (EPC) rating of at least C by 2030.

The refinancing package comprises £50m of revolving credit facilities over seven years and a £60m term loan over 10 years. 

FCHO told Inside Housing the interest rate is “highly competitive” based on its credit risk profile and “sound financial position”. 

Andy Ewart, executive director of corporate services, said the new agreement with Santander “reflects great confidence in FCHO’s robust plans for accelerating the supply of much-needed new homes”.

He added: “The funding will support [the] delivery of FCHO’s homes strategy 2025-2028, [which] includes delivering more properties for social rent to directly support government ambitions for social and affordable housebuilding.”

Robert Simmons, relationship director for corporate and commercial banking at Santander, said the increased loans will “support FCHO to deliver urgently needed new homes in Oldham and the surrounding area and contribute to its retrofitting objectives”.

In its last full-year to the end of March 2025, FCHO reported a broadly flat surplus of £11m on an increased annual turnover of £69.8m.

It currently has G1/V1 ratings with the English regulator. 

FCHO was established in 2002 as an ALMO owned by Oldham Council, before becoming a standalone housing association in 2011.