Section: Housing Finance

Wheatley draws down £72 million of Euro funding to invest in communities

Posted 28.04.20
Wheatley Group: Further reading

Wheatley Group has drawn down £72 million of funding from the European Investment Bank (EIB) - at a highly-competitive rate - to build and improve more homes across Scotland.

The funding deal - at a rate of under 1.70% fixed over 22 years - will enable the UK's largest builder of homes for social rent to bolster its ambitious plans to increase the supply of quality, affordable housing across the country.

It is the second tranche of an £185 million deal agreed with the EIB in 2018.

The latest deal brings the total amount of private and public investment raised by Wheatley in the last six years to over £1 billion.

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Riverside breaks new ground with sector first £100m SONIA revolving loan facility

Posted 07.04.20
Riverside Group: Further reading

The Riverside Group has completed what is thought to be the housing sector's first loan facility using the Sterling Overnight Index Average (SONIA) interest benchmark.

The deal, which sees the restatement of Riverside's existing facility with Lloyds Banking Group, includes a £100m revolving credit facility indexed exclusively on a SONIA basis.

It is the first known fully operational facility in the sector where the interest rate is indexed to a risk free rate. This helps to 'future-proof' the credit line, following the Financial Conduct Authority and Bank of England announcement that the London Inter-Bank Offered Rate (LIBOR) will be discontinued from the end of 2021.

Carol Matthews, Group Chief Executive of Riverside said: "In these difficult times, our key focus remains providing the best service possible to our customers and ensuring that both they and our colleagues are safe. Having access to the funds we need to run our business in a different way underpins our ability to do this."

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Reporting on April 2020

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