Venn, part of ESR Group, has announced the funding of a new loan facility totalling £75mln to Selwood Housing under the Affordable Homes Guarantee Scheme (“AHGS”, “the Scheme”) which Venn manages on behalf of the UK Government.
The loan facility provides Selwood Housing with flexibility to access £50mln from day one, with the option of a further £25mln via a deferred drawdown to support our liquidity requirements.
The funding is allocated 50/50 between investment in new affordable homes, as part of our existing development programme, and existing homes.
Mark Mayler, Chief Financial Officer for Selwood Housing, comments: “Building and providing local, affordable homes is our primary goal and to secure this loan and rate under the Affordable Housing Guarantee Scheme, at this time, is instrumental in bringing this goal to fruition. Having a secure home is vitally important. 200 new affordable homes within our communities means potentially up to 680 people off housing waiting lists or out of the private rental sector. Investing in and modernising our existing homes is also important to ensure our safe, affordable housing continues on for this and future generations.”
The full £75mln facility was arranged to help support our plans to deliver around 200 new affordable homes in Wiltshire, Somerset and Bath. Improvement works for existing homes will also benefit, feeding into our planned works programmes.
Mark Mayler, Chief Financial Officer, Selwood Housing
Oriane Auzanneau, Deputy Portfolio Manager for AHGS and Managing Director at Venn, commented: “We are delighted to close this transaction with Selwood Housing and support them delivering much needed new affordable homes in their local areas as well as continuing to invest to improve their existing homes.
“In a backdrop of considerable market volatility, the Scheme continues to provide borrowers ready access to the capital markets; the deferred element and pricing achieved continue to demonstrate the flexibility and value which this brings to the sector.”
For further information see the full press release at https://www.venn-partners.com/news/
