Housing association secures £50m funding line for almost 1,500 homes

A West Midlands social housing provider is set to build 1,400 homes across the region in the next two years after securing a £50m funding package.

Fortis Living will build a range of affordable homes in Evesham, Redditch and Worcester, which will include a range of one to four-bedroom houses, flats and bungalows.

This forms part of the organisation’s plans to accelerate its development programme with the support of funding from Lloyds Bank.

Fortis Living is one of the largest social housing providers in the West Midlands with more than 16,000 properties across Worcestershire, Herefordshire, Gloucestershire and Warwickshire.

Ben Colyer, head of corporate finance and treasury at Fortis Living, said: “This new investment will help us support our current and future residents by meeting the increased demand for housing, particularly in more rural areas where there’s a shortage of newer, affordable houses for local people.

“This is our first time working with Lloyds Bank and the support and expertise its social housing team has provided has enabled us to secure a tailored funding package that’s exactly suited to our needs.”

Jatinder Dhaliwal, relationship director at Lloyds Bank Commercial Banking, said: “Organisations like Fortis Living are doing a fantastic job of helping more people get on the property ladder and tackling increased housing pressures across the Midlands.

“As one of the UK’s leading lenders to the sector, we’re proud to be helping housing associations play their crucial role in providing high-quality, affordable homes across the UK. Our support forms part of our commitment to helping Britain prosper.”

Earlier this year, Lloyds Bank launched a £500m fund for housing associations in addition to its £750million support for the UK’s social housing sector. This is part of a wider pledge to provide £2.25bn of funding between 2018 and 2020.