believe housing has obtained a £90 million sustainability linked funding package from NatWest which will support plans to provide affordable homes enhancing communities across the North East of England.
NatWest has recently announced plans to provide a further £5bn in funding to support the social housing association sector by the end of 2026. It is hoped the funding will facilitate the delivery of a pipeline of housing across the UK including social housing projects which are vital to local communities.
Alan Newlands, Director of Housing Finance, Real Estate Finance at NatWest, said: “As one of the largest lenders to the Social Housing sector in the UK, NatWest is delighted to increase and extend our lending relationship with believe housing. believe housing is dedicated to delivering outstanding housing which have a positive impact across communities. The management team are forward thinking in terms of the environment and net zero, and they are also committed to reaching key ESG targets which represent their business goals and values.”
Having recently delivered its 1,000th new build home, not-for-profit housing association believe housing will use the funds to build further high quality and energy efficient new homes by 2029. The new homes will be a mix of property types and tenures made up of homes for social rent and affordable rent. The new homes will also include affordable home ownership in response to local housing demand. Funding will also be used to deliver improvements to believe housing’s existing homes, including retrofitting properties with the aim of increasing their energy efficiency, making them more affordable for customers to run.
The funding package from NatWest includes a sustainability linked loan. As part of this, believe housing is measured by Best Companies Index which recognises organisations that care about doing things right, that value their people and that understand the importance of a truly engaged workforce.
believe housing owns and manages more than 18,000 homes across County Durham and beyond, and employs more than 600 people. It was founded in April 2019 from the amalgamation of County Durham Housing Group and its subsidiaries: East Durham Homes, Dale and Valley Homes and Durham City Homes.
believe housing is part of the North East Housing Partnership (NEHP). The NEHP was established by housing providers in the North East region to work together, with communities, and with the North East Combined Authority on housing projects which can be a strategic catalyst for economic and social transformation.
Faye Gordon, Executive Director of Finance and Investment at believe housing, said: “This is an important deal for believe housing, made possible by our proven track record as a sound business with strong sustainability commitments and a good relationship with the NatWest team.
“The increased funding, along with a three-year extension to our term, enables us to keep providing more of the homes our region needs.
“By working closely with partners and a local supply chain to deliver new homes, improve existing homes, and invest in services for our customers and communities, we will continue to support the people in our homes and boost the regional economy.”
