East of England landlord secures £32m funding from major bank
An Ipswich-based landlord has agreed a new £32.5m revolving credit facility (RCF) with NatWest to build more homes and decarbonise its stock.
Orwell Housing Association, which manages around 4,300 homes, has secured the lending which includes a refinancing of existing facilities and an undisclosed amount of new funding.
The length of term and the interest rate on the new RCF were not disclosed.
The borrowing is the latest deal to come from NatWest, which has pledged to arrange £7.5bn in loans for the sector by the end of 2026. The bank last month upgraded this from the £5bn figure announced a year ago.
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Orwell is expected to use the funds to meet its target of delivering 100 new homes a year and to boost the energy efficiency of its current stock.
The landlord has been a NatWest customer for “more than six decades”, according to the bank.
David Hall, director of finance at Orwell, said: “We are delighted to agree this funding with NatWest and to continue our long-standing relationship with the bank.”
He added: “The offer met our needs perfectly and the teams worked well to ensure it is available to support our continued development. We have strong roots in our communities and this funding will enable us to grow further.”
Orwell – which has homes across Suffolk, Norfolk, Cambridge and Essex – has a G1/V2 rating from the Regulator of Social Housing.
Dharmesh Patel, associate director, housing finance, real estate finance at NatWest, said: “As one of the UK’s largest lenders to the housing sector, we recognise the important role Orwell Housing Association plays in shaping our communities and we will continue to work with the management team to help them deliver on their commitment to providing quality housing in the communities of the East of England.”
Last month NatWest agreed a £30m retrofit loan for Yorkshire-based Wakefield and District Housing. In January, 36,000-home Thirteen Group also secured a similar £30m loan from the bank.
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