Deal follows £100m retrofit loan last year
Sovereign Network Group (SNG) has secured £200m in funding from Lloyds to support investment in new and existing properties.
The 85,000-home landlord has agreed a new revolving credit facility with the bank, following a £100m loan agreed between the two last August.
That loan was partially guaranteed by the National Wealth Fund and is intended to support the retrofit of thousands of homes.
SNG also has plans to build 25,000 new homes over the next decade.
Peter Benz, SNG’s chief finance officer, said: “This flexible £200m facility from Lloyds gives us the headroom to keep building the affordable homes our communities need while upgrading the homes we already manage.
“It aligns with our Homes and Place Standard and supports our long-term investment strategy to deliver high quality, sustainable homes and thriving places.”
Jess Tomlinson, global head of real estate and housing at Lloyds Banking Group said: “We’re proud to deepen our support for SNG as it pushes forward with its ambition to deliver high quality, affordable homes.”
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