£50m funding package to support HA's multiple projects
Published by Max Salsbury for 24dash.com in Housing and also in Development
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Housing association bpha has secured a £50 million funding package from Lloyds Bank Commercial Banking.
The housing provider says it will use the three-year revolving credit facility to support projects in Bedfordshire, Buckinghamshire, Cambridgeshire, Northamptonshire, Oxfordshire and Gloucestershire.
The deal was agreed with Lloyds Bank Commercial Banking’s social housing team, which has worked with bpha for more than a decade.
Since the transfer of 7,280 homes from Bedford Borough Council in 1991, bpha's portfolio of highly-performing property assets increased to more than 17,300 homes, primarily through the strategic development of new-build homes.
The social landlord has made a long-term commitment to deliver a total of 3,300 new homes in Cambridge, as well as continuing to develop new homes in Bedfordshire, Milton Keynes and Oxfordshire.
The 17,000-home provider parted ways with chief executive Kevin Turmore in January, after he'd been in the post for only 17 days. At the time, bpha said that the ex-banker had quit for "purely personal reasons".
Paul Gray, bpha's chief financial officer, said: “The goal of bpha has always been to build communities by creating places where our residents feel proud to live. Those values underpin our development plans, which are responsible for constantly improving the experiences of our customers and providing desirable new properties in areas of need.
“This new funding package from Lloyds Bank Commercial Banking is a further vote of confidence for our business strategy and fantastic news for the communities we serve.”
Jo-Ann Pepperell, relationship director in Lloyds Bank Commercial Banking’s social housing team, said: “bpha serves some of the areas of England with the most pressing need for quality affordable and social housing. Its focus on creating thriving communities is being delivered by a solid senior management team and executed through well-structured development plans. Our flexible funding line will help ensure that this great work continues.”
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