Lloyds Bank Commercial Banking is providing the five-year revolving credit facility to help finance Stonewater鈥檚 plans to deliver a mix of 5,000 affordable new homes for shared ownership and rent across England by 2027.
Stonewater already has 30,000 homes under management and 拢1.6bn in assets, with an annual turnover of 拢160m. It was formed last year through a merger of Jephson and Raglan.
鈥淎s an organisation that is currently primarily funded through the capital markets, revolving facilities are important in managing liquidity and reducing overall funding costs,鈥� said finance director John Bruton. 鈥淲e are very pleased with this transaction with Lloyds as the pricing is competitive and the terms are tailored to the circumstances of our corporate structure.鈥�
Jo-Ann Bonham, relationship director in Lloyds Bank Commercial Banking鈥檚 social housing team, added: 鈥淗aving worked with Jephson and Raglan up until their merger and with the combined Stonewater group since, we鈥檙e pleased to be able to strengthen our support for the group with this revolving credit facility.鈥�
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