Incommunities receives additional £50m Natwest funding
The Shipley-based housing association has now secured a total of £110m from the bank, which will support plans to build 1,500 homes over the next five years.
Funding will also be used to support Incommunities’ current housing portfolio of more than 22,000 properties across West Yorkshire.
The £50m revolving credit facility comes after the bank announced plans to provide a further £5bn to support the social housing association sector across the UK.
For Incommunities, the news follows on from the securing of £50m from Dutch bank ABN-Amro in August.
John Wright, executive director of finance at Incommunities, said “Securing this additional £50m funding is a major landmark for Incommunties and will help us to achieve our ambitions to provide safe, good quality, and affordable homes that meet the needs of people across the region, creating places where people want to live.”
Andrew Dexter, relationship manager, corporate real estate finance at NatWest, said: “The management team at Incommunities is committed to providing quality housing across West Yorkshire and the new funding will enable Incommunities to create desirable housing in a range of communities across the region.”
Chatham Financials, Devonshires, and Pinsent Masons supported the latest funding deal.
Incommunities was established in 2003 through the transfer of housing stock from the former Bradford Metropolitan District Council. The majority of Incommunities’ properties are in and around Bradford.
