A housing association has secured a new £50m revolving credit facility to supports its plans to build more affordable homes across Kent in the coming years.

West Kent says its ambition is to continue to grow to 10,000 homes alongside investing in its current portfolio to ensure its homes better meet residents’ current and future needs.

The social landlord says its agreement with Nationwide will a provide a flexible approach to accessing and managing loan finances for the next ten years.

A revolving credit facility is a type of credit that allows the borrower to draw down or withdraw funds, repay the balance in regular payments, and withdraw again. It is a flexible financing tool used by businesses and individuals.

Maria Organ, West Kent’s Executive Director of Finance, said: “We are aware of the current unpredictable markets and the pressures upon the sector post the general election. This agreement with Nationwide means we are financially stronger as a result, which will support our investment and growth plans for the years ahead. We want to provide more new homes and have greater flexibility to invest in our current homes and communities, this loan enables us to do so. The revolving loan facility we have agreed will support us in managing our liquidity needs in unpredictable market conditions at the same time as meeting our ambitions for the years to come.”

The deal was supported by Savills Financial Consultants, Anthony Collins Solicitors and Capsticks.

Clive Williams, Relationship Manager at Nationwide, said: “We are delighted to welcome West Kent as a new customer. We look forward to growing our relationship as West Kent strives to achieve their goals over the coming years of providing more and better homes which is closely aligned with our own social objective of being a Beacon for mutual good.”

Jon Coane, Partner and Head of Funding at Anthony Collins, said: “We are really proud to have advised West Kent on this very important financing transaction. We worked hard to ensure that the terms of the finance documents would help them achieve their goals of building more affordable homes and investing in their current housing stock. The key purpose of the Anthony Collins funding team is to enable our clients to make a positive social impact and help create sustainable communities and the amazing work that West Kent does is a fantastic example of this.”

Susie Rogers, Partner at Capsticks, said: “This new funding agreement will undoubtedly change lives for the better for those living in the West Kent community. Capsticks aims to be the firm of choice for organisations who work to make a difference. We are proud to have been part of securing this deal for West Kent and all the security and benefits it will bring to those that will have access to a home as a result of this agreement.”