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New Progress Housing Association and Progress Care Housing Association have secured a joint loan facility of £45million with international funder Santander.
The two Associations, both based on King Street, Leyland, are subsidiaries of Progress Housing Group. The funding will be used to secure future growth in their respective areas, both locally and nationally.
Due to the current financial climate the number of funders has reduced considerably, compared to previous years, so this is a significant achievement for the two Associations.
Over recent years both New Progress, and Progress Care, have consolidated a steady development programme. The £45million will see them build on these solid foundations and fund a continuing development programme for general needs and supported living housing over the next three to four years.
Andy Speer, Progress Housing Group's Director of Finance, said: "We are very pleased to report that New Progress Housing Association and Progress Care Housing Association have secured a £45 million joint loan facility with Santander Corporate Banking.
“Santander have enabled us to have a flexible loan
structure, relevant for the future growth of our business. The
excellent level of commitment and support they have shown to us in
finalising the facility will stand us in good stead for our future
development activity."
