Sancus completes £2m funding for temporary accommodation scheme in Derby
The funding has refinanced existing acquisition debt and will support compliance, improvement and refurbishment works across the property.
Sancus has completed a £2m funding facility to support the refurbishment and stabilisation of 60 self-contained apartments in Derby.
The scheme will provide temporary accommodation for families experiencing homelessness.
The funding has refinanced existing acquisition debt and will support compliance, improvement and refurbishment works across the property.
A lease is in place with an established accommodation provider and the finished scheme will be used for families who have been assessed as homeless and are in need of suitable housing.
The facility has been structured over a 12-month term, with Sancus working alongside the borrower and its professional team throughout the refurbishment programme.
The deal forms part of Sancus’s affordable housing proposition and wider growth strategy in the North and across the UK, supporting developers, property owners and housing providers delivering accommodation where it is needed.
Alex Bodie, social housing director at Sancus, said: “This transaction is a great example of how our funding can support the improvement of existing residential accommodation while helping to address a genuine housing need.
“Our facility provides the borrower with the funding and time required to complete the refurbishment programme and bring all 60 homes back into use.
“With a lease in place with an established provider, the completed scheme will provide much-needed temporary accommodation for families experiencing homelessness in Derby.”
Bodie added: “We’re pleased to have supported the transaction and look forward to seeing the scheme become fully operational.”
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