Savills Financial Consultants has facilitated Stonewater in finalising a £254 million funding arrangement with five lenders to bolster its investments in new and existing affordable housing projects.

The funding, sourced from both existing backers like Barclays, NatWest, and Nationwide, as well as new partners ABN AMRO and HSBC, marks a significant step for Stonewater, a prominent social landlord. The newly established revolving credit facilities are set to span a period of five to 10 years.

This substantial financial boost is geared towards strengthening Stonewater’s financial standing, providing greater flexibility, and expanding its borrowing capabilities. The housing provider intends to allocate the funds towards improving customer services, advancing home construction efforts, and fostering environmental and social sustainability initiatives.

Anne Costain, Stonewater’s CFO, emphasised the importance of these revolving credit facilities, stating, “These revolving credit facilities will enable us to plan and construct new affordable home developments, as well as enhance existing ones. Cultivating robust relationships with banks is paramount in our mission to provide affordable housing solutions.”

Expressing gratitude towards the collaboration, Costain extended appreciation to Savills Financial Consultants for their invaluable financial guidance and Devonshires for their legal support throughout the process.

George Flynn, director at Savills Financial Consultants, echoed the sentiment, stating, “We were delighted to work with the Stonewater team on this important funding package across multiple lenders, which delivers enhanced capacity to support Stonewater’s future strategy.”

The successful negotiation of this substantial funding package underscores Stonewater’s commitment to addressing the pressing need for affordable housing solutions across the UK.