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West Kent Housing Association secures £50m refinancing deal with major bank
West Kent Housing Association has agreed a significant refinancing deal with NatWest.
West Kent Housing Association secures £50m refinancing deal with major bank #UKhousingWest Kent Housing Association has agreed a significant refinancing deal with NatWest #UKhousingThe 8,500-home landlord has secured the £50m deal, half of which is new money, while converting an existing revolving credit facility into a 15-year loan.
The new 15-year term loan replaces a revolving credit facility that was due to expire in 2029.
The association believes the deal will strengthen its “long-term financial position and support its ambitious plans to build and invest in more affordable homes across Kent over the coming years”.
The deal comes as West Kent recently celebrated 35 years of service and launched a five-year strategic plan.
Central to the plan is an ambition to grow to 10,000 homes, alongside investing in its existing stock to ensure it meets residents’ needs.
Maria Organ, executive director of finance and corporate services at West Kent, said: “This refinancing deal gives us the stability and flexibility we need to grow and invest in homes, services, and communities for the long term.
“As we look ahead to delivering our ambitious plans, this partnership ensures we remain financially resilient and well-positioned to meet the needs of the people we serve.”
Dharmesh Patel, associate director, housing finance at NatWest, said: “We’re proud to support West Kent Housing Association with this long-term refinancing deal, which will help deliver much-needed affordable homes across Kent.
“This partnership reflects NatWest’s commitment to supporting housing associations as they invest in homes and communities across the UK.”
West Kent was supported in the deal by both Anthony Collins Solicitors and Savills.
Michael Nutman, senior associate at Anthony Collins, said: “It remains a privilege to support West Kent in the delivery of its ambitious growth plans.
“This refinance exercise represents yet another positive milestone in West Kent’s journey to building 900 affordable homes across Kent and reflects an organisation that is taking pragmatic, prudent and proactive steps to ensure its ongoing financial resilience and flexibility.”
Mike Roche, director at Savills, said: “It has been a real pleasure to advise West Kent on their latest re-financing. Working as part of an effective team, we have delivered the latest strand in West Kent’s well-planned and flexible funding strategy that provides certainty and enhanced risk protection for delivery of the ambitious aims it has for its customers.”
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