North Herts landlord agrees £125m funding deal with major bank

The Letchworth Garden City-based provider is working on a number of new development projects including a large development with Vistry Group in Royston that will provide 103 homes for affordable rent and shared ownership.

In Hatfield, the landlord is developing 118 homes, while it also has a number of schemes in its regeneration strategy including a series of 1950s bungalows and upgrades to the Grange Estate and Jackmans Estate.

Settle recently completed the first phase of its £20m regeneration programme on the Westmill Estate in Hitchin. 

However the second phase of the project was hit by delays after contractor Jarvis Contracting went into administration in March. 

Ebele Akojie, executive director of finance and resources at Settle, said: “This is an important agreement for Settle. Funding of this scale from Santander UK is a major vote of confidence in our ability to deliver our strategic ambitions.

“This additional facility will allow us to continue our commitments to increase the supply of affordable homes in the areas in which we work, and to invest in existing homes and neighbourhoods that are great places to live.”

Roy Cavill, relationship director at Santander UK, said: “Having supported Settle for more than a decade, we are delighted to provide the housing association with this additional funding which is tailored specifically to help it achieve its strategic ambitions.

“Not only will it be used to improve existing homes, including enhancing their energy efficiency, but it will also support the delivery of affordable new homes in the community.”