River Clyde Homes (RCH) has secured a £38m loan facility from Nationwide Building Society to support its plans for a regeneration programme to futureproof its properties and make them more sustainable and energy efficient.
The Nationwide Building Society funding package is made up of £10m of new funding along with a £28m refinancing restructure, providing RCH with the confidence and necessary flexibility to pursue business objectives that support local communities and tenants.
This successful award of the £38m Nationwide Building Society loan facility completes River Clyde Homes’ refinancing, increasing the total facility available to RCH to £155m. Allia C&C, acting as treasury advisors, supported the RCH management team and Board throughout the process.
The Inverclyde-based housing association is one of the largest Registered Social Landlords in Scotland. It manages over 6,000 homes and provides factoring services to a further 2,200 customers. With around 300 members of staff, the association is a key local employer.
Today’s announcement means that RCH will be able to pursue five key investment priorities for tenants. These are: providing increased thermal comfort, reducing energy demand (and therefore bills), improving air quality, lowering carbon emissions, and creating future proofed homes that will stand the test of time.
John Wright, RCH Executive Group Services Director, said: “We are pleased to have continued our long-standing relationship with Nationwide Building Society as a key funding partner. Securing this £38m funding increases our overall portfolio facility to £155m, which is a major landmark for RCH. This funding will help raise living standards for tenants through modernising and future-proofing existing homes with a focus on sustainability and energy efficiency.”
Heidi Billington, Nationwide Building Society, Director of Property Finance & Public Lending said: “As the world’s largest building society, Nationwide exists to ensure that everyone has a place fit to call home. This same social purpose has underpinned RCH’s approach to supporting its tenants and local community. Nationwide is delighted to continue its long-standing relationship with RCH and to help facilitate the ongoing investment to make the stock more sustainable and energy efficient, which supports Nationwide’s commitment to supporting greener UK homes.”
Peter Freer, Allia C&C Debt Capital Markets Director for Scotland, said: “We were delighted to support RCH with this fundraising exercise, helping it to achieve an ideal solution with its existing lenders. It has been a pleasure working with RCH to secure the funding that will enable it to deliver its ambitious plans for regeneration and energy efficiency investment across its stock in Inverclyde.”