Moat has secured £135m five-year revolving credit facilities (RCF) to support its ongoing affordable homes development program.
The facilities are provided by Lloyds, for £75m, and Santander for £60m, both of whom are long term financing partners of Moat.
Moat, which manages over 20,000 homes across Essex, Kent, Sussex and South East London, has a current development pipeline of over 1,500 homes in contract and anticipates starting 800 affordable homes this financial year.
Greg Taylor, Executive Director Finance and Corporate Services, said “We are delighted with these transactions, both of which are with existing Moat funders. This increase in our revolving facilities enables us to manage effectively the cashflows of our significant shared ownership development program whilst continuing to ensure that we have sufficient committed facilities to build out our development programme.”
Ray Tierney, Relationship Director at Lloyds Bank Commercial Banking, said, “As one of the leading housing associations in the South East, Moat plays a valuable part in the local community, ensuring it has access to affordable housing.
While the property market is likely to continue to be challenging, we remain committed to enabling more people across the South East to take their first steps on the property ladder, as part of our commitment to helping Britain prosper.”
Evelin Matley, Director, Housing Finance at Santander Corporate & Commercial, said: “Santander has enjoyed a relationship with Moat for over 20 years and is delighted to be able to provide additional loan funding to support the delivery of Moat’s continued development of social and affordable housing.”
For more information contact Sarah Marsden, Head of Communications, on email@example.com.
Note to editors
Moat is a leading housing association in the South East of England, managing over 20,000 homes. For the last fifty years we have helped those in housing need to have an affordable secure home that they can be proud of. We are passionate about what we do and are proud of our ambitious development programme, which focuses almost exclusively on affordable homes both to rent and to buy, to making us one of the most active developing housing associations in the South East. moat.co.uk