Provider secures finance to build 747 homes
Suffolk Housing has secured a £35 million finance package to build 747 homes over the next four years.
The money was arranged by Lloyds Bank through Canada Life Investments and is accompanied by a £15 million revolving credit facility.
Suffolk Housing currently manages around 2,000 homes across 12 local authority areas in the east of England.
The organisation also supplies homes for rent and shared ownership to support first time buyers and key public sector workers.
The development programme will include new sites and strategic acquisitions from registered providers which are relinquishing parts of their estates.
Ian Winslet, chief executive of Suffolk Housing, said: ‘This funding package represents the next milestone in our development, enabling us to develop almost 750 homes over the next four years and make a significant, positive social impact in our region. It will also allow us to maintain the high quality of our units and services to existing tenants.’
Sanjay Narbheram, relationship manager at Lloyds Bank, said: ‘This deal not only represents a great fit for Suffolk Housing’s short and long-term requirements, but also charts the continuing shift in funding options for smaller UK housing associations. We expect more organisations to explore similar private placements of this kind over the coming months.’
