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SNG agrees £200m flexible funding package from Lloyds
Sovereign Network Group (SNG) has agreed a £200m revolving credit facility with Lloyds, as the landlord aims to deliver 25,000 new homes in the next 10 years.
SNG gains £200m flexible funding package from Lloyds #UKhousingSovereign Network Group has agreed a £200m revolving credit facility with Lloyds, as the landlord aims to deliver 25,000 new homes in the next 10 years #UKhousingThe new flexible funding package comes after the 85,000-home housing association secure a £100m loan from the bank last year to retrofit thousands of homes.
On the new deal, Peter Benz, chief finance officer at SNG, said the revolving credit facility “gives us the headroom to keep building the affordable homes our communities need while upgrading the homes we already manage”.
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“It aligns with our Homes and Place Standard and supports our long-term investment strategy to deliver high quality, sustainable homes and thriving places,” Mr Benz added.
Jess Tomlinson, global head of real estate and housing at Lloyds Banking Group, said: “We’re proud to deepen our support for SNG as it pushes forward with its ambition to deliver high-quality, affordable homes.”
Ms Tomlinson said the new package shows how the bank is “mobilising capital at scale for social impact”, including “strengthening our commitment to help tackle the UK’s housing crisis by increasing the supply of sustainable, cost-effective homes where they’re needed most”.
Last year, SNG, which owns homes in London and across the South of England, launched a £1.5bn 15-year Euro Medium-Term Note programme to help fund its development ambitions.
This scheme has already raised £250m for the landlord in sustainable bonds following strong investor demand.
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