South West landlord secures £65m funding package | Housing Finance Network news

South West landlord secures £65m funding package

Plymouth Community Homes (PCH) has secured £65m funding to build approximately 1,000 new affordable homes by 2026.

The majority of the new homes will be let at affordable rent, with shared ownership homes also being developed, in Plymouth and the surrounding areas.

The finance package, a SONIA (Sterling Overnight Index Average) funded risk-free loan, will also support PCH’s investment into maintaining the high standard of its existing homes.

Nick Jackson, Director of Business Services and Development at PCH, said: “Thanks to the funding from NatWest, we can both expand our portfolio of affordable homes, as well as ensuring we maintain and invest in our existing properties and continue the great services we offer.

“As we expand, we will continue to focus on improving lives by providing affordable homes and great services. We’ll also maintain our programme of improving our blocks of flats as well as community initiatives, courses and training sessions which we believe are essential in supporting our residents and creating thriving communities.

"The interest cover covenants will allow us to undertake the modernisation of our blocks of flats with more flexibility.”

Dean Holleyman, NatWest Director, Housing Finance England and Wales, said: “We have worked with PCH since its inception in 2009. The investment and work that PCH have undertaken during this time has positively transformed both the lives of its tenants and communities it serves.

"We are rightly delighted and proud that our support for PCH will help them to continue this great work with further investment in its new and existing homes in Plymouth and the surrounding areas.”