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Peterborough based housing association, Cross Keys Homes (CKH) has secured an additional £80 million loan investment from Lloyds Bank Commercial Banking and Handelsbanken, to facilitate its further growth and development.
Securing this loan ensures all funds are in place to enable CKH to complete its current five year development programme, and build 2,000 new homes by 2021 in Peterborough, the wider eastern region and the Home Counties.
CKH received a very strong response to its invitation for expressions of interest, which highlights the high levels of investor confidence the market has in the housing association’s financial strength.
CKH’s Executive Director of Finance, Michael Heekin, said of the loan, “We are very happy to be working with these two great financial organisations going forward. This funding is enabling us to strengthen our relationship with existing investor, Lloyds, which has been a strong supporter of our work for a number of years. We are also excited to have attracted a new investor, Handelsbanken, and we hope this will be the start of a really strong relationship with the local relationship bank.”
CKH’s Chief Executive, Claire Higgins, added, “I am delighted that the market had such confidence in us, putting us in the great position of being able to choose the solution that was the best for us and most closely fitted our ambitious plans. We now have the security to press on with our development and growth programme, which will strengthen our balance sheet even further whilst providing the affordable homes that are so desperately needed by so many people.”
Handelsbanken’s Corporate Banking Manager, David Fish, said, “Handelsbanken Peterborough is delighted to be working with such a strong and reputable local organisation. At Handelsbanken we aspire to partner with the best businesses in the Peterborough area, and we very much look forward to working alongside Cross Keys Homes to help them achieve the next phase of their growth. Handelsbanken and Cross Keys Homes share many positive attributes and we are looking forward to establishing a long and fruitful partnership with them.”
Julia Munday, Relationship Director at Lloyds Bank Commercial Banking, said: “CKH is a model of the modern housing association, delivering on ambitious development targets and providing high-quality affordable homes for thousands of people in Peterborough and the wider region.
“This latest funding package underlines our support for CKH’s plans and the wider sector as part of our commitment to helping Britain prosper.”
The loan facility secured is a revolving credit facility that gives CKH the flexibility to draw down the money as required, and allows CKH to respond to changes in the future operating environment.