VIVID locks down £100m funding facility with HSBC

VIVID has worked with HSBC UK to draw up a new five-year funding facility of £100 million, enabling it to build more sustainable homes across the South.

It follows a similar ten-year deal with Nationwide this April, through which the group secured £75 million.

Based in Portsmouth, VIVID is the sixth largest developer of new homes among housing associations in England, having built 1,390 properties between 2022 and 2023.

Jonathan Roberts, group treasurer, said: “Our development colleagues keep us in the market for new funding.

“This deal is keenly priced, a testament to our financial strength.

“It’s great to bring a renowned bank into our funding pool, and we’re excited to see how this relationship can grow in the coming years.”

Duncan Brown, chief financial officer at VIVID, said: “It’s been a pleasure working with HSBC on a deal that showcases VIVID’s ESG credentials.

“We’re excited to bring in a new lender into our funding pool, well known in the UK with a growing footprint across the housing association sector.”

David Whelan, director of real estate finance – social housing at HSBC UK, said: “We’re delighted to have been able to support VIVID with this new sustainability linked lending facility as the group press ahead with the development of new affordable housing while continuing to serve their existing customers and communities.

“We’ve built a strong relationship with the VIVID team, enabling a smooth and timely process to completion, and we very much look forward to supporting VIVID into the future”

The agreement was supported by partners Louise Leaver of Bevan Brittan and Helen Hunter of Addleshaw Goddard.