A Social Housing News
The Landlord of 2670 homes offering temporary accommodation to key workers and those who are at a high risk of homelessness has secured funding through MetLife Investment management which is a susidiary of US insurance giant MetLife.
The new funding consists of a Primary drawdown of £40m, with half mellowing in May 2043 and half in May 2051. The enduring £21m is deferred until the September next year.
Local Space told that the Interest rates on several of different tranches ranged between 2.38 per cent and 2.48 per cent,
The number of investors and their identity was not revealed.
Stratford-based Local Space said the funding would be used to “uplift the quality and sustainable standard of more than 800 homes, including refurbishment of kitchens, roofs, heating systems, bathrooms and other necessary upgradation over the next few years”.
The Private Placement was the first step to refinance the loans maturing during next four to five years. Said the Stafford based Housing Association called Local Space, established by Newham council back in 2006.
In its last reported full-year results to March 2020, Local Space posted a post-tax surplus of £4.9m on a turnover of £34.4m.
The group successfully retained its AA-credit rating last year being the only UK Housing Association to maintain an AA credit rating among those rated by S&P.