A West Midlands housing group has clinched new financial backing from Barclays Commercial Bank in a £140 million deal.
The Community Housing Group has secured the funding, which will enable it to restructure its current finance arrangements, support it in future aspirations to build more new homes and roll out its shared ownership initiative.
The Community Housing Group, based in the Wyre Forest District of Worcestershire, is the parent company of Wyre Forest Community Housing, Wyre Forest Sheltered Housing and Wyre Forest Land Company.
They manage and develop quality affordable homes in Kidderminster, Bewdley and Stourport.
The group is the largest registered social landlord in the district and has a growing portfolio of approximately 5,500 homes.
This includes family homes, single person apartments and specialist accommodation for vulnerable and elderly people.
Deputy chief executive, David Knowlton, said yesterday: “The new funding facility from Barclays comes at a key time for The Community Housing Group. We plan to increase affordable housing in the Wyre Forest District by 390 new homes over the next four years and our commitment to supporting local business and contractors will help to boost the local economy.”
Michelle Murray, relationship director in the Midlands Social Housing Team at Barclays Commercial Bank, added: “We are delighted that The Community Housing Group has brought their business to Barclays and we look forward to developing our relationship with them and helping to fulfill their business ambitions. This deal demonstrates our appetite for the housing association market which remains an important sector to us.”