Nationwide supports Kent-based landlord with £50m in new funding
West Kent Housing Association has secured a £50m revolving credit facility (RCF) from Nationwide to support future affordable housing developments.
The building society’s funding agreement with the 8,000-home landlord will help it reach a growth target of 10,000 homes.
The association believes the deal “will support our ambitions to build more affordable homes across Kent in the coming years”, alongside investment in the housing association’s existing stock.
The landlord’s financial director believes the multimillion-pound RCF will enable West Kent to manage its liquidity in an uncertain market.
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Maria Organ, the executive director of finance at West Kent, said: “We are aware of the current unpredictable markets and the pressures upon the sector post the general election.
“This agreement with Nationwide means we are financially stronger as a result… we want to provide more new homes and have greater flexibility to invest in our current homes and communities.”
Clive Williams, relationship manager at Nationwide, expressed his delight with the deal.
He added: “We look forward to growing our relationship as West Kent strives to achieve their goals over the coming years of providing more and better homes, which is closely aligned with our own social objective of being a beacon for mutual good.”
The funding agreement was supported by Savills Financial Consultants, alongside law firms Anthony Collins Solicitors and Capsticks.
Susie Rogers, a partner at Capsticks, said: “This new funding agreement will undoubtedly change lives for the better.
“We are proud to have been part of securing this deal for West Kent and all the benefits it will bring to those [who] will have access to a home as a result.”
Jon Coane, partner and head of funding at Anthony Collins, echoed Ms Rogers’ words on the importance of the deal for the region.
He said: “We worked hard to ensure that the terms of the finance documents would help them achieve their goals of building more affordable homes and investing in their current housing stock.
“The key purpose of the Anthony Collins funding team is to enable our clients to make a positive social impact and help create sustainable communities, and the amazing work that West Kent does is a fantastic example of this.”
In September last year, the landlord secured a £399m refinancing deal that aimed to support investment in new and existing homes, as well as its journey to net zero.
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