RIVER Clyde Homes (RCH) has secured a £38million loan facility from Nationwide Building Society.
The funding package will support its plans for a regeneration programme to future-proof its properties and make them more sustainable and energy efficient.
The deal is made up of £10million of new funding along with a £28million refinancing restructure.
It completes River Clyde Homes’s refinancing, increasing the total facility available to the housing association to £155million.
Allia C&C, acting as treasury advisors, supported the RCH management team and board throughout the process.
The Inverclyde-based organisation is one of the largest social landlords in Scotland.
It has a workforce of 300, manages more than 6,000 homes and provides factoring services to a further 2,200 customers.
RCH will now be able to pursue five key investment priorities — providing increased thermal comfort, reducing energy demand (and therefore bills), improving air quality, lowering carbon emissions, and creating future-proofed homes that will stand the test of time.
John Wright, executive group services director, said: “We are pleased to have continued our long-standing relationship with Nationwide Building Society as a key funding partner.
“Securing this funding increases our overall portfolio facility to £155million, which is a major landmark for RCH. This funding will help raise living standards for tenants through modernising and future-proofing existing homes with a focus on sustainability and energy efficiency.”
Heidi Billington, Nationwide Building Society, director of property finance and public lending, said: “As the world’s largest building society, Nationwide exists to ensure that everyone has a place fit to call home. This same social purpose has underpinned RCH’s approach to supporting its tenants and local community.
“Nationwide is delighted to continue its long-standing relationship with RCH and to help facilitate the ongoing investment to make the stock more sustainable and energy efficient, which supports Nationwide’s commitment to supporting greener UK homes.”
Peter Freer, Allia C&C Debt Capital markets director for Scotland, said: “We were delighted to support RCH with this fundraising exercise, helping it to achieve an ideal solution with its existing lenders.
“It has been a pleasure working with RCH to secure the funding that will enable it to deliver its ambitious plans for regeneration and energy efficiency investment across its stock in Inverclyde.”