Norfolk-based landlord secures £40m loan to fund development

Christopher Yau, director of origination and sustainability in the bank housing team at Lloyds, said: “We stand ready to support housing associations as they make their stock of new and existing properties affordable and sustainable.

“We’re proud to support Freebridge Community Housing with this finance package to help it achieve its development ambitions, and look forward to seeing the progress it makes in the coming years.”

Anna Simpson, deputy chief executive at Freebridge Community Housing, added: “Tackling affordability and sustainability are two key steps in bringing forward social housing stock that is fit for future purpose.

“We’re committed to delivering homes that not only address the challenges households are currently facing but also help transform local communities.

“Our new relationship with Lloyds Bank and the funding it has provided will create more flexibility for us to invest in our existing inventory and continue to boost the supply of affordable homes in West Norfolk.” 

Last year, like other housing associations, Freebridge Community Housing saw its grade for financial viability downgraded from V1 to V2. 

At the time, the Regulator of Social Housing said limited monetary headroom, coupled with current economic uncertainty in relation to inflation and interest rates, will restrict the landlord’s ability to manage a wide range of financial risks.

The association’s governance grade was confirmed at G1.  

In August, staff at Freebridge Community Housing voted in favour of a nine-day strike in a dispute over pay that has continued into this year.