Futures Housing Group has secured £32m of long-term funding through the UK Government’s Affordable Homes Guarantee Scheme (AHGS).
The funding will go towards building 114 affordable homes in Daventry and improving safety and energy efficiency in existing homes.
The loan was arranged via ARA Venn and is backed by a Government guarantee, allowing Futures to access competitively priced, long-term debt.
The interest rate of less than 5.20% is below the group’s long-term borrowing assumptions in its 30-year business plan.
Tim Mulvenna, CEO at Futures Housing Group, said: “This funding strengthens our financial position and allows us to continue building and investing in homes and communities where the need is greatest.
“The Affordable Homes Guarantee Scheme gives us certainty and flexibility to deliver new homes, improve existing stock, and support our long-term sustainability goals.”
Raj Sharma, director of finance at Futures Housing Group, said: “Accessing this funding means we can lock in long-term, low-cost finance to support our growth and efficiency, improve our liquidity and Regulator metrics.
“It’s a significant step forward in delivering our strategic objectives while maintaining strong financial control.”
Futures thanked ARA Venn, Anthony Collins Solicitors, Devonshires Solicitors, JLL and Savills Financial Consultants for their support and advice in securing the funding.
