A Cumbrian social housing landlord has secured a £25 million loan to help it develop and invest.
South Lakes Housing, based in Kendal, owns and manages around 3,800 properties in South Cumbria, north Lancashire and North Yorkshire.
It has secured the cash from NatWest to support the delivery of affordable homes and continued investment in its existing housing portfolio.
It includes supporting the association’s affordable homes programme with the development of 253 new properties across the Lake District National Park, Yorkshire Dales National Park, Lancaster and Lune Valley and Westmorland and Furness.
South Lakes Housing will also continue to invest in its existing homes to help residents live in warmer, more energy efficient properties.
The association has spent £4.3 million, as of last year, improving energy efficiency across 817 properties.
Overall, 86% of its properties are rated EPC Band C or above, and South Lakes Housing has set a target for all properties to reach that level by 2029, one year ahead of the target to be achieved by all housing associations in England.
Tony Cox, director of finance at South Lakes Housing Association, said: “This £25 million NatWest loan gives us the certainty to keep doing what matters most: building more affordable homes and investing in the quality and energy efficiency of the homes we already manage.
“We work across a large rural patch where good quality, affordable housing is hard to come by.
“Long term funding like this is also a vote in support of our future plans, helping us deliver our development programme and improve existing homes so residents can live in greater comfort with lower energy bills.”
South Lakes Housing has just launched its new business strategy – Quality Homes, Quality Services and Quality People.
It said the long-term funding package would provide greater certainty over the association’s capital position and would help South Lakes Housing Association progress key strategic goals through to 2030.
Martin Skinner, relationship manager at NatWest, said: “This funding underpins our confidence in South Lakes Housing Association and gives the organisation greater certainty over its long-term capital position as it delivers its strategic goals.
“NatWest is committed to supporting the UK social housing sector, and this new loan, taking total net funding provided to £65 million, will help South Lakes Housing Association to continue supplying warm, affordable homes to residents across South Cumbria and surrounding areas.”
