North West landlord secures £217.5m from three lenders

The funding will be used for general corporate purposes with a high proportion for funding development and investment in existing homes.

Torus, which owns and manages more than 40,000 homes, said the funding will enable it to deliver its five-year corporate plan by 2029.

The group’s corporate plan focuses on delivering quality affordable homes and services for customers living in Liverpool, St Helens, Warrington and the surrounding areas.

Savills Financial Consultants advised Torus on the deal and Brabners conducted the legals for the landlord. Addleshaw Goddard served as the lawyer for the banks.

Peter Fieldsend, chief financial officer at Torus, said: “We’re pleased to work with Savills and for their support in securing new money to existing facilities. It’s important to maintain ongoing relationships with our funders and their support will help strengthen our commitment to grow stronger communities.

“This significant funding will allow us to continue building much-needed affordable homes in the region and provide services that help people to thrive and live securely and independently.”

Mike Roche, director at Savills Financial Consultants, said: “We are delighted to have supported Torus in securing this vital funding, which will allow the team there to continue its mission of providing much-needed affordable housing across the North West.

“This agreement underscores the strong relationship with its funding partners and positions Torus for continued growth and stability.”

Michelle Murray, relationship director at Barclays, said: “Barclays are pleased to have supported Torus with a new £42.5m facility and wider refinancing, reinforcing our commitment to social housing and our desire to help foster the thriving communities that Torus helps support.”

Martin Skinner, director for housing finance, commercial mid-market at NatWest Group, said the funding deal strengthens their long-term partnership and ensures affordable homes are built in the North West of England.

He said: “NatWest Group has an ambition to lend £5bn to the UK social housing sector from the beginning of this year to the end of 2026. Our progress with Torus Group means more people will have houses they can call home.”

Darragh O’Keeffe, director, housing finance at Santander UK, said that the bank is pleased to further support Torus with a £75m five-year RCF.

Mr O’Keeffe said: “This funding will facilitate the improvement of existing housing and the continued development of much-needed new affordable homes. We look forward to continuing to support Torus in this important sector for the UK.”