Watford Community Housing secures £70m loan

The facility consists of two tranches with terms ranging from three to five years, both of which have the option to extend for a further two years.

Mike Figg, head of social housing at Barclays, said: “Barclays have a long-standing relationship with Watford Community Housing and we’re pleased to provide further support.

“We’ve worked with Watford Community Housing across their capital structure and by increasing our senior debt under an ESG [environmental, social and governance] framework, we’re able to facilitate an important community gateway client in their development ambitions and net zero transition.”

The landlord already owns and manages more than 7,500 homes and associated assets across south-west Hertfordshire and north-west London.

Paul Richmond, deputy chief executive of Watford Community Housing, said: “This extension of our existing facility with Barclays will allow us to build much-needed new homes that are built to last.

“By investing in our homes and communities with this ESG facility, we are taking a key step to improve the energy efficiency of our homes and achieve our goal of net zero carbon by 2050.”

The landlord reported a pre-tax surplus of £12.9m in the 2023-24 financial year, an increase from £6.2m the previous year.

Earlier this year, Watford Community Housing was awarded the highest ratings following an inspection by the Regulator of Social Housing. It retained a G1 rating for governance and V1 for financial viability, as well as earned a C1 rating under the new consumer standards.

Earlier this month, Hendon Christian Housing Association completed a stock transfer of 140 homes to Watford Community Housing due to increased regulatory and financial pressures.