Eden Housing Association agreed a £45m funding package with Barclays and Nationwide, supported by Savills Financial Consultants.
The 2,000-home provider said the new funding will help deliver its business plan to invest in homes in North Cumbria.
This includes building new affordable homes in areas of high demand across the Eden Valley and North Lakes, while investing £5-6m a year in existing homes.
Savills Financial Consultants and Eden’s legal advisors, Devonshires, worked with Eden to update loan covenants with long-term lender Barclays on an existing £19m term debt facility.
This included options for a fixed or variable rate and £6m in new funding as a revolving credit facility.
Savills Financial Consultants also introduced Nationwide as a new lender with a £20m loan.
Guy Johnson, director of finance & corporate resources at Eden Housing Association, said: “This is great news for Eden and more importantly for our current and future tenants.
“We are committed to investing in existing homes and services, meeting sustainability targets and building new homes across rural Cumbria.
“As a community rooted, tenant focused organisation we pride ourselves on providing good quality, safe and affordable homes.”
Johnson added: “We are delighted to partner with the funders to ensure we can deliver on our future plans.”
Mike Roche, director at Savills Financial Consultants, said: “Our team is pleased to have been able to help Eden achieve a key aim in its business plan of reviewing its Treasury strategy and completing this refinancing.
“This is an important moment for Eden as it enhances its existing relationship with long-term lender Barclays, while updating its stock transfer loan covenants, restructuring its interest rate hedging approach and adding new finance to increase its financial capacity and to help deliver their aims for tenants.”
Robert Hession, relationship director at Barclays, said: “Barclays has proudly supported Eden since its inception, financing their original stock transfer in 1997.
“We’re delighted to continue our partnership through this latest refinancing, which unlocks additional capacity for Eden to build new affordable homes and invest further in their existing homes.
“This reflects Barclays’ continued commitment to housing associations like Eden, who play a vital role in the UK economy and in addressing some of the nation’s most pressing social challenges.”
Heidi Billington, director of property finance & public sector lending at Nationwide, said: “As a longstanding lender to the UK`s Social Housing Sector, we are delighted to welcome Eden Housing as a new customer of Nationwide.
“With both organisations rooted firmly in delivering social purpose, we are proud to support Eden Housing with a £20 million facility that will go towards much-needed new homes and investment into existing tenants’ properties across Cumbria.”
