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West Yorkshire landlord agrees £110m deal with major lender
Shipley-based landlord Incommunities has secured £110m in funding from NatWest to support its plans to build 1,500 new homes in five years.
Incommunities, which manages more than 22,000 homes, said the financing would also be used to boost investment in existing properties.
The package includes a £50m revolving credit facility (RCF). Chatham Financial, Devonshires and Pinsent Masons supported the deal.
John Wright, executive director of finance at Incommunities, said: “Securing this additional £50m funding is a major landmark for Incommunities and will help us to achieve our ambitions to provide safe, good-quality and affordable homes that meet the needs of people across the region.”
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The financing forms part of NatWest’s plans to lend £5bn to the social housing sector by the end of 2026. As of 31 August 2024, it had reached £2.8bn of the total.
Andrew Dexter, relationship manager and real estate finance director at NatWest, said: “The management team at Incommunities are committed to providing quality housing across West Yorkshire and the new funding will enable Incommunities to create desirable housing in a range of communities across the region.”
Other recent deals NatWest has closed with social housing providers include a £100m RCF with Torus Group and a £90m funding package with North East landlord Believe Housing.
Another North East landlord, Karbon Homes, said in September that it had restructured an existing facility with NatWest to agree a new 10-year term on a £54m loan.
In August, Incommunities announced it had secured £50m in funding in its first agreement with Dutch bank ABN AMRO.
Incommunities has a G1/V1 rating for governance and financial viability from the English regulator.
The association was established in 2003 through a stock transfer from the former Bradford Metropolitan District Council.
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