Great Places Housing Group, a Manchester-based social landlord, has secured a £225 million funding deal with three lenders that bosses say will help it to build new homes and improve existing stock.
The deal, supported by Savills Financial Consultants, will see NatWest and Santander providing additional funding of £50 million and £75 million respectively, while new lender, Nationwide, will provide £100 million.
Great Places provides affordable homes in more than 30 local authority areas in the North West and South Yorkshire. In its 2024 to 2027 corporate plan, the organisation has committed to building around 4,000 new affordable homes as well as investing in its current stock. The funding also includes ‘sustainability-linked performance measures’, including a reduced interest rate if the organisation meets energy efficiency targets on new and existing homes.
Mike Gerrard, Chief Financial Officer at Great Places, said: “We are delighted to have secured this significant funding package with NatWest, Santander, and Nationwide. This investment is a testament to the confidence our lenders have in our vision and our commitment to providing high-quality, affordable homes.”