Vale Housing Association Limited (Vale), a leading provider of social housing in Oxfordshire, has secured a restructuring of its £150 million facilities from a banking syndicate led by Bank of Scotland Corporate's Housing Finance team. Based in Abingdon, Oxfordshire, Vale is a non-profit making organisation committed to providing affordable quality homes. It currently owns over 5,000 homes across Oxfordshire.
Bank of Scotland Corporate is leading the syndicate, which includes Barclays and Abbey, in providing a total of funding of £150million to Vale. Each member of the syndicate has provided a £10 million increase in the facility with Bank of Scotland Corporate providing the largest tranche of £65 million.
This represents a total increase of £30 million on Vale's existing facilities and will strengthen the housing group's ongoing development programme. The facilities are being provided as a 30-year long-term loan facility with 10-year interest only period followed by 20-years amortisation. Refinancing of existing facility terms includes a change to corporate style covenants reflecting Vale's status as a mature stock transfer association.
Richard Hughes, Director of Housing Finance with Bank of Scotland Corporate, said: We have had a long standing relationship with The Vale Housing Association since it was formed in 1995. We are delighted that this new facility will enable the Association to develop more homes in an area where they are very much needed.
Steve Russell, Director of Finance & Administration, of The Vale Housing Association, added: We are very happy to continue our successful links with the present syndicate. This new arrangement, coupled with our change in status to a charity, will give us the opportunity to develop 1000 new homes over the next few years and offer real hope to many families in need of good quality housing at affordable prices.
Vale Housing Association – Based in Abingdon, Oxfordshire, Vale is a non-profit making organisation which owns and manages over 5,000 property units across Oxfordshire. Vale was established in 1995 as part of the Government's housing policy to transfer council houses to housing associations. A Large Scale Voluntary Transfer (LSVT) saw the transfer of ownership of the entire housing stock of Vale of White Horse District Council to Vale.
Further information on Vale Housing Association is available at: www.vale-housing.co.uk/
Bank of Scotland Corporate - A leading debt provider to the social and affordable housing sector, Bank of Scotland Corporate’s Housing Finance team manages a £5bn portfolio. Part of the HBOS group, Bank of Scotland Corporate offers a full banking service to medium and large corporate businesses.
Further information is available at: www.bankofscotland.co.uk/corporate/finance/housing-finance