Housing association Stonewater has secured funding of £200m from Lloyds Bank to support its development programme.
Stonewater has refinanced its existing £125m facility and increased it by £75m. It has also transitioned the facility to a sustainability-linked loan which will see it measured against three KPIs to receive covenants on its funding.
Anne Costain (pictured), chief financial officer at Stonewater, said: “This is an important agreement for Stonewater as it continues the progress we are making towards more affordable, lower-carbon homes for our customers. It is also a clear demonstration of the financial strength of our organisation, which allows us to focus on existing customers, while delivering much-needed affordable homes for others in society.”
Ray Tierney, relationship director and regional head of housing at Lloyds Bank, added: “Tackling climate change and meeting demand for quality housing are issues that will define the next decade. Stonewater is already taking the lead in meeting its responsibilities and we look forward to supporting them as they continue to be ambitious in being sustainable and helping communities across the UK.”
