Construction News

Tue June 15 2021

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Housing association secures finance to build thousands of homes

5 Jul 16 Social and affordable housing provider Stonewater has agreed a new £50m bank loan facility to support its housing development programme.

Lloyds Bank Commercial Banking is providing the five-year revolving credit facility to help finance Stonewater’s plans to deliver a mix of 5,000 affordable new homes for shared ownership and rent across England by 2027.

Stonewater already has 30,000 homes under management and £1.6bn in assets, with an annual turnover of £160m. It was formed last year through a merger of Jephson and Raglan.

“As an organisation that is currently primarily funded through the capital markets, revolving facilities are important in managing liquidity and reducing overall funding costs,” said finance director John Bruton. “We are very pleased with this transaction with Lloyds as the pricing is competitive and the terms are tailored to the circumstances of our corporate structure.”

Jo-Ann Bonham, relationship director in Lloyds Bank Commercial Banking’s social housing team, added: “Having worked with Jephson and Raglan up until their merger and with the combined Stonewater group since, we’re pleased to be able to strengthen our support for the group with this revolving credit facility.”

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