SNG secures £50m loan facility from Barclays

Jason Constable, head of real estate at Barclays UK Corporate Bank, said: “This bespoke short-term trade loan facility is another example of our renewed focus on supporting and lending to more businesses across the UK.”

Barclays also said its UK corporate banking arm had recently combined the social housing team with its real estate business.

Bringing the teams together means the bank will focus on “opportunities to increase lending” and provide “more tailored support to clients within a rapidly changing social housing market”.

Barclays is one of the housing sector’s major lenders, with a 65% market share across 200 housing associations, including lending, operational banking and debt capital markets.

The lender recently appointed a new head of social housing, Mike Figg, who took up the role at the start of this month.

Last month, G15 landlord SNG exchanged contracts with Howarth Contractors to deliver 220 affordable homes in west London.

In January, the housing association raised £400m through the bond markets to help fund its ambition to build 25,000 homes.

Mark Washer, chief executive of SNG, has previously told Inside Housing that this plan depends on a rent settlement of Consumer Price Index inflation plus one for the next 10 years. Otherwise, the number of homes delivered could be a third lower.