The loan was originally provided to Town & Country Housing, but will transfer to the Peabody Trust
G15 landlord Peabody has secured a new £100m loan from The Co-operative Bank.
The new loan replaces a legacy facility previously provided by the bank to Town & Country Housing, part of the Peabody Group, which owns and manages more than 13,000 affordable homes across Kent, Surrey, and Sussex.
The loan was increased last year from £35m to £65m, and now to £100m.
John Rangecroft, commercial banking manager at The Co-operative Bank, said: “At a time when financial conditions have become more challenging and long-term investment in social housing is under real pressure, we are proud to support Peabody with this £100m facility.
Peabody’s chief financial officer, Phil Day, said: “This agreement is an important step as we continue to invest in residents’ homes, provide support in local communities, and, where possible, help build much-needed new affordable homes.
“We value the bank’s understanding of the social housing sector and welcome their ongoing support as we strengthen our financial base.”
The new loan will transfer to Peabody Trust, the main borrowing entity of the group.
The extended borrowing arrangement will help the not-for-profit housing association continue to invest in residents’ homes.
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