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Salford-based Irwell Valley Homes has agreed a £50m funding package with Danske Bank to deliver 1,260 new affordable homes and pay for fire safety works.
The 7,500-home landlord said the funding will be put towards improving existing stock as well as new homes for social and affordable rent and supported housing over the next five years.
Irwell Valley Homes said it will expand existing estates such as Sale West in Trafford, where work to build 79 new homes for social rent has begun. The landlord will also conduct important fire safety works on a number of high-rise buildings over the next three years.
Danske Bank, then the biggest lender in Northern Ireland, moved into the English social housing sector in 2014 and issued Irwell Valley Homes with an initial £30m loan one year later. The bank said it plans to seek more deals in across the UK in future.
Inside Housing has asked Danske Bank for details of the rates on the latest detail as none were provided.
Helen Nicholson, executive director of finance and governance at Irwell Valley Homes, said: “We are delighted to have secured this funding to deliver our key strategic goal of building more homes to meet the growing needs of the communities we serve.
“Importantly, the terms agreed with Danske Bank will enable us to carry out fire remedial work on existing sites over the next few years. Danske Bank have been flexible and easy to work with and we have built a good relationship with them.”
Mark Canning, head of the corporate relationship team at Danske Bank, said: “We are delighted to have been able to provide this funding to Irwell Valley Homes and we look forward to seeing the association’s development programme taking shape over the next few years.
“Danske Bank is the biggest bank in Northern Ireland, where we have been the lead bank provider of finance to the social housing sector for many years. We are delighted to start 2021 with a significant transaction in England. As part of our strategic growth plans we will be more active in helping the sector across the rest of the UK moving forward.”
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