One Vision Housing banks £40m towards their Development Plans
Published by haydow for Sovini in Housing and also in Communities, Environment, Local Government
One Vision Housing (OVH), part of the Sovini Group in Merseyside, is delighted to announce that they have secured a new £40 million refinance deal, ensuring that they can progress their impressive development plan.
One Vision Housing intends to develop 500 quality homes over the next four years, playing a significant role in the regeneration of Sefton, Liverpool, West Lancashire and other adjacent local authority areas.
Thanks to the loan secured OVH can now hit the ground running, securing local development sites as well as government funding opportunities to support the provision of quality affordable homes for future generations. The new homes will be a variety of affordable, social, market rent and housing for sale.
Roy Williams, Chief Executive, One Vision Housing, says: "This funding places us on a secure financial footing and will ensure we are able to fulfil our immediate and long term ambitions to develop and maintain high quality affordable homes and create a lasting legacy in our communities”.
One Vision Housing, Development Director, Brendan Gleeson, said: “We have already identified a number of development opportunities through local land acquisitions and Section 106 Agreements with national builders. Now that we have funding in place, we expect to announce news of our first developments in the very near future.”
OVH will also continue to invest millions into renovating its existing stock. Over 30% of OVH’s £51million expenditure during 2013/14 was spent on investments in its homes, including new bathrooms and kitchens; and a further 19% was spent on routine and planned maintenance.
The £40m loan has been provided by M&G Investments as a 30-year private placement. In recent years non-bank lenders such as M&G have been providing an increasing amount of longer-term finance to housing providers.