Incommunities obtains £50m revolving credit facility from NatWest

The Shipley-based social landlord, which manages more than 22,000 homes across West Yorkshire, said that the funding will support its plan to build around 1,500 new homes over the next five years and invest in substantial improvement works to existing homes.

Chatham Financial advised the landlord on the deal while Devonshires and Pinsent Masons worked as the lawyers.

The funding deal with NatWest follows Incommunities securing a five-year, £50m RCF from ABN AMRO in September to invest in new and existing homes.

John Wright, executive director of finance at Incommunities, said: “We are pleased to have continued our long-standing relationship with NatWest as a key funding partner.

“Securing this additional £50m funding is a major landmark for Incommunties and will help us to achieve our ambitions to provide safe, good-quality and affordable homes that meet the needs of people across the region, creating places where people want to live.”

In March, NatWest set out its ambition to provide £5bn of lending to UK housing associations over the next three calendar years.

Since then, it has agreed deals with several landlords, including Stonewater, Bromford, Together Housing, Karbon Homes, Torus, Islington and Shoreditch Housing Association, Believe Housing, Westward Housing Group and Maryhill Housing Association.

Andrew Dexter, relationship manager, corporate real estate finance at NatWest, said: “We are delighted to increase and extend our lending relationship to Incommunities.

“The management team at Incommunities is committed to providing quality housing across West Yorkshire and the new funding will enable Incommunities to create desirable housing in a range of communities across the region.”

Incommunities is currently graded G1/V1 by the Regulator of Social Housing and has an A rating with credit rating agency S&P Global.