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Peterborough-headquartered housing association, Cross Keys Homes (CKH), will drive forward plans to build approximately 2,900 new homes by 2025, after securing eight-figure funding from NatWest.
CKH will use the £50 million funding package to grow its existing portfolio of more than 12,000 homes for affordable rent and shared ownership across 12 local authorities in the East of England.
The finance package is one of the first SONIA (Sterling Overnight Index Average) funded loans, a risk-free loan, secured in the housing association sector.
Founded in 2004, CKH is a leading provider of affordable homes for rent and sale in the region. The firm also offers housing, landlord and community support services and it established Cross Keys Care in 2014 to provide care in local communities, enabling people to stay at home and live independently for longer.
CKH employs approximately 400 full-time staff and runs a successful apprenticeship scheme, continually training people across all areas of the business including marketing, neighbourhood management and home ownership.
Claire Higgins, Chief Executive at Cross Keys Homes, said: “With support from our long-standing partnership with NatWest, we can deliver our commitment to build good quality, affordable homes that people in the East of England want to live in. These will be available for everyone from families looking for affordable homes to rent to those trying to get on the housing ladder through shared ownership.
“Alongside this, we remain committed to providing housing and landlord services to our customers in our existing homes and we have maintained these services throughout the pandemic as well as conducting welfare calls with all our residents. Going forward, we will continue to expand our services and the number of homes available for our residents.”
The funding forms part of NatWest’s recent commitment to support the housing association sector with £3 billion of finance over the next three years. This will support the increase in provision of social housing, as well as the improvement of existing properties.
Dean Holleyman, NatWest Director, Housing Finance England and Wales, said: “We have worked with CKH since 2004 and we are proud to facilitate one of the first SONIA funded loans in the sector. CKH plays a crucial role in delivering much needed housing and supporting communities in the East of England, and we will continue to work with the organisation as it looks to meet its housing delivery targets.”