Kingdom Housing Association has agreed a Revolving Credit Facility Agreement with Lloyds Bank during the coronavirus period after an open tender process run for Kingdom by ATFS.
The facility is for £10 million for a term of five years at competitive rates in the current climate.
Nick Pollard, director of finance and digital, said: “This is an important part of the Kingdom Group of companies overall funding strategy for the next five years. The facility will enable Kingdom to ensure it is not as exposed to events outside its control when obtaining funding for its housing development programme as it would have been without such a facility.
“The facility also enables Kingdom to take opportunities as and when they arise in lieu of committed funding being put in place.”
Melanie Russell, relationship director at Lloyds Bank, added: “Affordable housing will continue to play a critical role in society on the other side of the current crisis. As such, it’s important that providers are able to invest in upgrading and building new homes while adapting to changing market conditions.
“That’s why we are committed to backing the sector, ensuring organisations like Kingdom Housing Association have the financial headroom to deliver on their long-term strategies while overcoming more pressing short-term challenges.”