Savills Financial Consultants has announced the agreement a restructured £237m funding deal with Grand Union Housing Group.
The agreement will enable the Milton Keynes-based housing association to push ahead with plans to build more homes in the UK.
Operating across Bedfordshire, Buckinghamshire, Northamptonshire and Hertfordshire, the housing organisation will now be able to deliver 1,900 additional new homes.
The new deal includes a new £30m revolving credit facility with Barclays, alongside £207m of restructured facilities with Santander and NatWest.
This will provide Grand Union with improved gearing covenants and on-lending capacity, with maturities ranging between three and 10 years.
Chris Bellamy, director of finance and treasury at Grand Union Housing Group, said: “We are really pleased to be in a position where, despite the ongoing external economic pressures, we have managed to further strengthen our immediate liquidity position and also future-proof the group’s medium-term treasury activities.
“This will ensure the support of our ambitious growth targets and opens the door for more collaborative working with our partners on new development opportunities.”
Terry Frain, director at Savills Financial Consultants, said: “These are really difficult times for many, but the banks worked hard to maintain business as usual, and to continue with this fantastic deal.
“We are really pleased to have helped our long-standing client Grand Union Housing Group to achieve an excellent funding package that will help to support its ambitious growth plans.”
He added: “”This is the first of a two-stage approach in the latest restructuring of Grand Union’s corporate financing, which has focussed on its short to medium-term banking facilities.
“We look forward to working through stage two, which will focus on the securing of long-term finance through the debt capital markets over the next 12 months.”
Dave Cassidy, head of Social Housing at Barclays, said: “Supporting our new client, Grand Union Housing Group, with funding to help deliver their longer-term plans to build more affordable homes was an obvious fit with our ongoing commitment to the social housing sector in the UK.”