Midlands housebuilder on track to build 2,000 new homes via £70m Lloyds funding

Midlands housing provider whg is on track to build over 2,000 new properties by 2024 and will continue work to retrofit its existing portfolio, with support from Lloyds Bank.

In 2020 the association committed to building 2,000 new homes by 2024, working with strategic partners including Homes England and local council bodies to identify key areas in need of development to regenerate local housing supply.

To help fund its development activity, whg turned to Lloyds Bank to extend and renew its revolving credit facility from £30m to £50m, while re-stating a £70m loan to support its investment objectives.

The finance will also help the housing association to improve the energy efficiency of existing homes across its portfolio. Including, ensuring all its properties achieve an EPC rating no lower than D by the end of 2024, and at least C by 2030.

whg is one of the largest housing associations in the Midlands. Founded in 2003, it employs 750 people and serves around 50,000 customers in areas including Walsall, Telford, Wolverhampton, Worcestershire, and Staffordshire.

Sangita Surridge, corporate director of Finance at whg, commented: “We’re seeing the Midlands suffer one of the toughest housing shortages throughout the UK. Developing quality homes that can stand the test of time is crucial to deliver a positive difference to our customers and communities.

“Lloyds Bank and Scottish Widows continued support will allow us to deliver thousands of affordable and better-insulated homes for people in the Midlands.”

Jatinder Dhaliwal, regional head of housing at Lloyds Bank, added: “As the UK’s largest funder of housing associations, it is fantastic to continue our support for whg as it looks to tackle the shortage of quality affordable housing in the Midlands.

“There is a growing need for more affordable, quality homes across our region. The extension of this funding will not just add a significant number of new homes but will help make many existing ones warmer and cheaper to heat. We’re looking forward to working closely with whg as it delivers on its strategic goals.”

By Matthew Neville – Correspondent, Bdaily