Incommunities secures £50m new funding from ABN AMRO Bank
Bradford based social housing provider Incommunities has secured a new five-year £50m deal with ABN AMRO.
The loan is a revolving credit facility (RCF) and marks the beginning of a new partnership with the bank.
The housing provider said it will use the funds to continue to deliver its commitments to invest in existing and new homes in communities across Bradford and Yorkshire.
Incommunities’ plans include continuing to improve property conditions for its existing customers, as well as the ambition to develop around 1,500 new homes over the next 5 years.
Executive Director of Finance at Incommunities, John Wright, said : “This is excellent news for us. We welcome ABN AMRO as a new banking partner and look forward to working with the ABN AMRO team.
“Both the competitive pricing and flexibility within this new funding will enable us to further invest in our existing homes, delivering on our commitment to our customers. Thank you to our advisors, Chatham Financial and Devonshires, for their collaborative effort, insight and support leading to securing this new facility.”
ABN AMRO Bank’s Head of UK Coverage Real Estate, Rutilio Merien, said : “We are delighted to start this partnership and provide Incommunities with new funding, facilitating its commitment to develop new homes as well as improving existing ones. ABN AMRO Bank is pleased to further support the Social Housing sector and look forward to building a strong and long-term relationship with Incommunities.”
The transaction was also supported by Devonshires and Chatham Financial.
Partner at Devonshires, Alice Overton, said : “ We are delighted to have advised Incommunities on this facility and to support the organisation in not only securing additional financial capacity to be able to invest in its customers, homes and communities, but also furthering its ambitions as a sustainable housing provider. It was a pleasure to work alongside the Incommunities team and Chatham on this transaction.”
Director at Chatham Financial, Zachary Kiefer, said: “We are thrilled to support the Incommunities team in securing new competitive financing from a committed lender to the sector. The structure of the facility provides flexibility and generates capacity for Incommunities to deliver its important objectives centred around improving homes, growing communities, and enhancing the experience of residents.”