Bank aims to lend £7.5bn to social housing by 2026
Sovereign Network Group has secured a £250m deal with NatWest to support its plans to build more than 25,000 homes over the next decade.
The 85,000-home provider, which operates in the south, west and east of England, will also use the money to roll out its ‘Homes and Place Standard’ to all its homes.
The standard sets out a brief for architects describing what SNG expects from its homes, including specifications for natural light, ventilation and room size.
It comes after the recent launch of a £1.5bn Euro Medium-Term Note (EMTN) programme which has improved SNG’s access to debt capital markets.
Anup Dholakia, director of treasury at SNG, said: “Building more genuinely affordable homes is vital to tackling the housing crisis.
“This funding deal with NatWest will help us progress our ambition to deliver 25,000 new homes over the course of this decade.
“Each one will meet our Homes and Place Standard — creating better places to live and thriving communities for our customers.”
Paul Eyre, head of residential and housing finance, NatWest, said: “SNG are committed to providing good, affordable homes that are the foundation thriving communities.
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“They also aim to create thousands of new affordable homes every year. This latest funding agreement with NatWest will support SNG as they move forward with these ambitious plans.”
NatWest has an ambition to lend £7.5bn to the social housing sector by 2026, a target which was upgraded from the £5bn announced in March 2024 due to rising demand for housing.
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