Bromford gets £127m funding for expansive ambitions
South West housing association Bromford has secured two new sustainability-linked revolving credit facilities with two UK banks worth £127 million.
Lloyds and Barclays are the two banks providing the funds.
The funding will be used to finance the company's ongoing investment in new and existing homes whilst simultaneously also benefiting the firm's sustainability objectives.
A spokesperson for Bromford said: ''Under the terms of the agreement with Lloyds Bank, we will measure against the number of new social rent homes we build over a four-year period.
''We have been one of the top three builders of new social rent home in England in each of the last three year and will receive a discount on our interest payments if it builds 2,200 social rent homes by 2028.''
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Lloyds Bank will provide £75 million whilst Barclays will provide £52 million. Bromford has said that 'both deals are tied to us reducing our Scope 1, 2 and 3 carbon emissions by 2028' a factor that has been dubbed by the company as 'a first for the social housing sector'.
Development Director at Bromford, Amanda Swann, said: “Building homes for social rent has been a key component of our development programme for a number of years and remains a key pillar of our strategy going forwards.
''Everyone deserves a secure and safe home that is affordable to them and social rent is the lowest cost tenure available to customers. There are tens of thousands of people on the waiting lists for housing in the areas in which we operate and we are committing to playing our part in alleviating this by building affordable new homes.
''In the past three years we’ve built 1,375 social rent homes and now the terms of the Lloyds loan will support us to build even more as we expand our development programme over the coming years.”
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