Market Leads & Opportunities
Housing company secures £60m financing deal
A Black Country housing company has secured a £60m financing deal to support the construction of more than 260 homes.The funding package, arranged with support from Savills Financial Consultants, will underpin the completion of Black Country Housing Group’s (BCHG) business plan objectives, including building 261 homes by March 2025.The deal for the 2,200-home landlord includes a £40m private placement, which is available in three tranches from this September and then April 2022 and April 2023. The average cost of the funds with the unnamed investor is 2.83 per cent and the term is 30 years.Additionally, Santander has extended its existing £20m revolving credit facility with BCHG.Kaye Coulthard, director of finance at BCHG, said that the funding will help the business to “provide much-needed investment in affordable homes in Birmingham and the Black Country”.
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