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L&G agrees £40m loan to fund Rooftop Housing's 'affordable' home plans

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L&G agrees £40m loan to fund Rooftop Housing's 'affordable' home plans

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Published by Max Salsbury for 24dash.com in Housing and also in Development, Finance

L&G agrees 40m loan to fund Rooftop Housing's 'affordable' home plans L&G agrees 40m loan to fund Rooftop Housing's 'affordable' home plans

Image: Money via Shutterstock

Legal & General has agreed a £40 million loan to social landlord Rooftop Housing Group.

The 20-year debt facility will support the development of 900 'affordable' homes by 2018.

Formed in 1993 to accept the transfer of over 4,000 homes from Wychavon District Council, Rooftop provides rented accommodation for people in need of affordable housing.

As at April 2014, the group provides over 6,150 homes and has an annual turnover of £31 million.

Operating across South Worcestershire and Gloucestershire, Rooftop works more widely providing staff accommodation for hospital trusts and has also partnered with the ExtraCare Charitable Trust to offer two ExtraCare retirement schemes, in Yates Court, Evesham and St. Oswald’s Village, Gloucester.

Alex Gipson, lending manager at L&G, said: “Through both discussing the aspirations of the group with the executive team and visiting some of their historic and current developments, there were a number of strategic areas which clearly resonated with L&G’s own views.
"Providing quality accommodation for those in retirement and promoting the long terms benefits of sustainable development are key interests of both organisations and an excellent base upon which to commence an on-going relationship.”

Caroline Dykes, Rooftop's finance director, said: “With a shared view on the role we can both play in helping to provide affordable housing and support people through all stages of their life cycle including retirement, as well as a progressive attitude to green development, we look forward to working closely with L&G over the next 20 years as we bring forward a significant development pipeline.

"Additionally, by staggering the drawdown over the period through to August 2015, the loan takes a much more flexible and innovative approach to supporting our cash flow requirements than standard solutions in the market.”

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