London housing association secures £80m funding package | Housing Finance Network news

London housing association secures £80m funding package

Gateway Housing has secured an £80m funding package to build 390 new homes by 2023.

The 30-year loan was funded by Scottish Widows and arranged by Lloyds Bank, both part of Lloyds Banking Group.

Lynne Shea, Director of Finance and Resources at Gateway Housing, said: “This is a great package that Scottish Widows Limited has provided, this arrangement reflects the strong finances of the association especially at an uncertain time for the economy due to the coronavirus pandemic.

“The funding package will support our ambition to deliver 390 new homes in the next couple of years and will also reinforce our commitment to be at the forefront of best practice to develop homes which everyone is proud of.”

Mike Howard, Associate Director of Loan Investments at Scottish Widows said: “Investing in UK housing is a key focus for Scottish Widows and our colleagues at Lloyds Bank. 

“It is particularly pleasing to be able to support the growth of Gateway Housing Association in an area of London where there is a desperate need for more affordable housing.  We have been impressed by the Gateway leadership team and their clear focus on providing people with safe, good quality, affordable housing.”