Moat secures £135m backing from Lloyds and Santander

Moat has secured two five-year revolving credit facilities worth £135m combined to support its ongoing affordable housing programme.

The housing association – which manages over 20,000 homes across the South East – received the funding from Lloyds (£75m) and Santander (£60m), both of whom are long-term financing partners of Moat.

With a current development pipeline of over 1,500 homes in contract, Moat anticipates starting 800 affordable homes this financial year.

Greg Taylor, executive director of finance and corporate services at Moat, said it was delighted with these transactions.

“This increase in our revolving facilities enables us to manage effectively the cash flows of our significant shared ownership development programme, while continuing to ensure that we have sufficient committed facilities to build out our development programme.”

Ray Tierney, relationship director at Lloyds Bank Commercial Banking, felt that Moat played a valuable part in the local community.

“While the property market is likely to continue to be challenging, we remain committed to enabling more people across the South East to take their first steps on the property ladder as part of our commitment to helping Britain prosper.”

Evelin Matley, director of housing finance at Santander Corporate & Commercial, added: “Santander has enjoyed a relationship with Moat for over 20 years and is delighted to be able to provide additional loan funding to support the delivery of Moat’s continued development of social and affordable housing.”  

Leave a comment