Eden Housing Association, a 2,000-home housing association in North Cumbria, has secured £45mn in refinancing to deliver its business plan to invest in homes across the region, the organisation announced on November 7.
The funding will be used to build new affordable homes in areas of high demand across the Eden Valley and North Lakes and continue investing £5mn-£6mn annually in improving and maintaining tenants’ homes.
Savills Financial Consultants, alongside EHA’s legal advisors Devonshires, worked with the association to agree updated loan covenants with long-term lender Barclays on an existing £19mn term debt facility, with flexibilities for a fixed or variable rate, and arranged £6mn in new funding as a revolving credit facility.
Savills Financial Consultants also introduced new lender Nationwide to EHA with a £20mn loan.
Guy Johnson, Director of Finance and Corporate Resources at EHA, said the refinancing is great news for the association and its current and future tenants. “We are committed to investing in existing homes and services, meeting sustainability targets and building new homes across rural Cumbria,” he said.
Mike Roche, Director at Savills Financial Consultants, said the team is pleased to have helped Eden Housing Association achieve a key aim in its business plan of reviewing its Treasury Strategy and completing the refinancing.
Robert Hession, Relationship Director at Barclays, said the bank has proudly supported Eden Housing Association since its inception, financing its original stock transfer in 1997. “We’re delighted to continue our partnership through this latest refinancing, which unlocks additional capacity for Eden Housing Association to build new affordable homes and invest further in their existing homes,” he said.
Heidi Billington, Director of Property Finance and Public Sector Lending at Nationwide, said both organisations are rooted firmly in delivering social purpose. “We are proud to support Eden Housing Association with a £20mn facility that will go towards much-needed new homes and investment into existing tenants’ properties across Cumbria,” she said.
James Nute
James Nute has worked in agritech and cryptocurrency for the past decade. He has experience in upcoming new blockchain technologies and has a keen interest in renewable power.