We're delighted to announce that we have secured an additional £35m in additional long-term funding for new homes.
We will receive the funding via the social housing lender, bLEND, who completed a £55m tap of its 2054 bond on 22 October. The funding will be on-lent on a 12-month deferred drawdown basis. bLEND is able to provide thirty-three year funding at a fixed rate of 2.52% which will help us to mitigate interest rate risk and build in resilience to our business plans.
B3Living was one of two recipients, both new borrowers in bLEND and the transaction was more than four times oversubscribed.
The funding will support our development pipeline, through which we have ambitious plans to deliver 500 new homes across the next three years.
Alex Shelock, our Executive Director (Finance), commented:
We’re very pleased, as we know the difference this funding will make in our local area. Our community is under unique pressure for housing: we see high outmigration from London but historically there have been very low levels of development.
As part of our Better Futures strategy, B3Living is gearing up to deliver our largest project to date, Cheshunt Lakeside, and build over 500 properties across the next three years. This means we’ll be building more new homes in three years than have over the previous 15 years combined, and this loan will make that possible.”