Cardiff Community Housing Association (CCHA) has secured £37m in funding to deliver much needed new affordable homes.
The loan was secured at a record low all-in rate of 1.932% with bLEND plc, with law firm Clarke Willmott, through its Cardiff office, advising CCHA on loan documentation and property security.
Brian Pickett, corporate director, central services, CCHA said: “We are delighted with the rate achieved on this transaction. Our access into the bLEND and its associated market leading rates allows us to refinance some of our current facilities and fund new affordable homes.
"The housing crisis in Cardiff grows more acute and our ability to develop new affordable homes means we can provide vital places for families to call a long-term home.”
Partner with Clarke Willmott Fraser MacRae, who negotiated the banking and loan documentation, said: “We are really happy to start 2021 having supported Cardiff Community Housing Association in this transaction. Both the loan documentation and property security work were turned around very quickly, showcasing our multi-disciplined team’s dedication and efficiency.”
Vicky Kells, partner and joint head of the social housing sector at Clarke Willmott, said: “By working closely with CCHA we identified a security portfolio to meet the required timescale for bLEND’s successful bond tap.
"This demonstrates our commitment to building strong working relationships with our clients and adding value through our sector experience and know-how.
“This deal comes hot on the heels of several other transactions we are proud to be a part of in Wales. For example, we recently advised Cadwyn Housing Association on securing a £41m, 35-year, private placement a£21m revolving credit facility.
"We also helped RHA secure a £30m private placement and £5m revolving credit facility in a debt restructure, advising on the property security elements and bank financing."
