Kingdom Housing Association secures £85m?new?loan for housing development in Fife

Kingdom Housing Association has secured a significant funding package under a?debut?private placement?which secures?its development programme of over 1,100 homes until the end of 2019-20.The funding package amounted to £85 million of borrowing?which is?being provided by?institutional?investors?jointly?for a period of 30 years with repayment?in 2048?and 2049.The borrowing, which is secured against Kingdom’s housing assets, is to be used?for Kingdom’s development programme and?to repay £10m of Kingdom’s existing short-term debt placing it on a competitive long term rate.Kingdom’s development programme will be supported by the funding from the private placement enabling the development of 1,165?affordable?homes which have been committed to with grant funding from Kingdom’s local authority partners, primarily Fife Council, and the Scottish Government.