We are delighted to have assisted Raven Housing Trust in relation to their £130 million investment from the Pension Insurance Corporation.
Raven own and manage more than 7,000 homes and this funding will enable them to develop 630 additional homes by 2026. 58% of these homes will be for social or affordable rent, whilst 30% will be for shared ownership accommodation, contributing to the much-needed social housing supply. Raven noted that approximately 1,250 households are currently awaiting homes in one of their local authority areas alone, with three to four candidates applying per shared ownership plot. In a week where it has been widely reported that the increased cost of living may push the UK into a recession, it can only be welcome news that more affordable housing is on the way.
Credit rating agency S&P recently predicted that the affordable housing sector would need to raise £21 billion in order to finance the delivery of necessary affordable homes - the majority of this funding likely to come from private placements and other debt capital market funding. The ACS funding team have acted and continue to act for numerous housing associations and registered providers in transactions of this nature and are rated by independent commentators as one of the top UK firms acting for borrowers in the social housing sector.
Associations need to borrow more than £21bn to deliver new homes over the next two years