Savills Financial Consultants has supported Great Places Housing Group to agree new loans totalling £225m with Nationwide, NatWest and Santander.
Existing lenders, NatWest and Santander are providing additional funding of £50m and £75m respectively, while new lender, Nationwide, is providing £100m. All three loans to the 26,000-home landlord are term debt facilities running for 10 years each.
The deals follow a £284m package of loans announced by Great Places in April 2024, including NatWest and Santander and also supported by Savills Financial Consultants.
Manchester-based Great Places, which provides affordable homes in over 30 local authority areas across the North West and South Yorkshire, will use the funds to continue to provide new homes and improve the lives of the people living in its communities.
Commitments in Great Places’ 2024-27 corporate plan include investing in its current stock and building around 4,000 new affordable homes.
The additional funding includes sustainability-linked performance measures. These see a reduced interest rate should Great Places meet agreed energy efficiency targets on new and existing homes.
Nationwide’s agreement also contains provisions to document sustainability measures, which Great Places will agree over the next year.
Mike Gerrard, Chief Financial Officer at Great Places, said:
We are delighted to have secured this significant funding package with NatWest, Santander and Nationwide.
This investment is a testament to the confidence our lenders have in our vision and our commitment to providing high-quality, affordable homes.
The additional funds will enable us to continue our ambitious development plans, improve our existing housing stock and make a real difference in the communities we serve.
We are particularly pleased that these agreements include sustainability-linked performance measures, which align with our goals to enhance energy efficiency and sustainability across our portfolio.
Mike Roche, a Director at Savills Financial Consultants, said:
Our team is proud to have continued our relationship with Great Places, supporting them to deliver for their customers by realising their business plan aims to 2027.
The high quality of the work by Great Places has allowed us to swiftly agree these deals with existing lenders NatWest and Santander – and of course to build a strong relationship with new Great Places partner, Nationwide.
Clive Williams, Senior Lending Manager at Nationwide, said:
We’re delighted to welcome Great Places as a borrower to the Nationwide Group and to continue to build on our long-standing relationship with the social housing sector.
We look forward to working with Great Places as they continue to invest in their existing stock and build new homes, which is closely aligned to both our sustainability targets and our social objective of being a beacon for mutual good.
Martin Skinner, Director Housing Finance at NatWest, said:
NatWest continues to be a leading lender to the UK social housing sector, and we are pleased at being able to work with Great Places Housing Group to help provide them with the resource to expand their ambitions and increase our own lending to the sector as demand continues to grow.
This aligns to NatWest’s stated ambition to lend £7.5bn to the sector by December 2026.
Great Places provides vital support for those in our communities who need it most. We are delighted to be able to help them continue this successful strategy.
Not only does this enable the continued development of essential new, affordable housing and investment in existing stock, but it helps Great Places, and its portfolio, prepare for a sustainable future.
Aradhna Lawson, Senior Relationship Director at Santander UK, said:
We are delighted to further expand our relationship with Great Places and to support with additional funding to both increase the provision of much needed quality affordable housing and facilitate investment in their existing homes. We look forward to continuing to work with the Great Places team.
Alice Overton, a Partner at Devonshires, said:
We are extremely pleased to have advised and supported Great Places once again in these important funding transactions, which include facilities with sustainability-linked features.
This vital investment will enable Great Places to further its contribution to tackling the UK’s housing crisis by delivering high-quality affordable homes to those most in need. It also supports the advancement of its long-term development strategy and addressing the growing demand for secure and accessible housing.
