Stonewater, the social housing provider has announced that they have managed to secure funding with Affordable Housing Finance plc. The funding of up to £50 million of 30-year will help the company to boost their financial capacity and build more low cost homes.
The funding has been signed in two amounts, £25 million delivered on the 17th October and £25 million on the 16th November. The social housing provider will use this funding as a part of their plans to construct over 2,700 “affordable” homes during the next four years. It is great news that the company has managed to complete this loan and will be an essential part of Stonewater being able to fulfill their plans to deliver more affordable homes. The load will contribute to the housing provider building more than 600 homes which are urgently needed across the South West, Midlands and East of England. The 600 new homes will be made available as affordable rent or low-cost shared ownership homes.
On top of this amazing load delivered by Affordable Housing Finance plc, Stonewater will also be looking in to other sources of finance in order to deliver these homes where they are needed. The loan that has been agreed with Affordable Homes Finance has a very low interest rate, which means that the company will be able to more in order to meet the huge affordable housing demand in comparison to the work that could be done only with access to commercial loans.
The finance provider has said that they are thrilled to be working with Stonewater by offering them the scarce resource of EIB funding. The low overall cost of this loan has underpinned the actions by the social housing provider, and the creation of so many, much-needed affordable homes across the South of the country and the Midlands.
