New Charter boosts coffers with £60m funding
SOCIAL housing provider New Charter has agreed a £60m funding deal with two lenders which will see 270 new homes built and hundreds more renovated.
Tameside-based New Charter has increased its funding facility with Nationwide Building Society and Royal Bank of Scotland by £60m to £350m. The organisation has 800 staff and turnover of around £90m.
It money will be used to carry out a three-year development programme of 640 homes including 270 new homes under the Government’s Affordable Rent Programme.
Martin Frost, deputy chief executive said: “At a time when funding streams are proving more difficult to access the completion of this arrangement is evidence of the confidence that our funders have in New Charter.
“Our long-standing relationship with Nationwide and Royal Bank of Scotland has been further cemented allowing the group to progress towards its medium term growth objective.”
Mark Webster, head of housing finance at Nationwide added: “We are delighted to have arranged further funding for New Charter and to be able to support the provision of much needed new affordable housing in the Tameside area.”
The deal follows closely on a £15m extension of the Aksa Homes facility with the Royal Bank of Scotland. Aksa Homes is a subsidiary of the New Charter Housing trust Group. This will deliver 100 homes in Oldham.
