Coast & Country Housing boosted with additional loan
Decade long relationship totals £143 million in lending
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Nationwide Commercial has strengthened its long-standing relationship with Redcar-based Coast & Country Housing by arranging an additional £40 million of funding, £28 million of which was provided by the Society. Nationwide has been Coast & Country Housing's primary lender for nearly ten years and this new funding takes the total amount lent by Nationwide to £143 million.
This latest deal will enable Coast & Country Housing to continue its regeneration programme in the Redcar and Cleveland area and beyond, and look for new development opportunities to enable it to continue providing affordable housing to those in need.
Established in 2001, Coast & Country Housing is the largest residential social landlord (RSL) in the Redcar and Cleveland area with over 10,000 homes available to rent, and a further 29 shared-ownership properties.
Ian Sim, chief executive of Coast & Country Housing, said: "Coast & Country Housing is delighted to be able to continue what has been a long and trusting partnership with Nationwide Commercial. Since we started working with them back in 2002, the Nationwide team has always been fully supportive of our business model and plans, and the provision of this new facility reinforces that support."
Bryce Glover, divisional director for Nationwide Commercial, said: "We have had a strong relationship with Coast & Country Housing for nearly ten years, and by extending their loan facility, we can help it maximise plans for its development programme in the North East. We very much look forward to continuing our relationship with Coast & Country Housing for many years to come."
This transaction was led by Nationwide's Senior Lending Manager, Clive Williams.
Notes to editors:
About Nationwide Commercial
A leading lender in the UK commercial property market with a loan book in excess of £22 billion.
Transactions range from £1 million up to £50 million although larger facilities can be arranged on a club basis.
Customers range from housing associations to private property investors to institutional funds and specialist property firms to major public limited companies.
Nationwide has committed over £2 billion to the UK PFI/PPP sector to over 80 separate projects including the first affordable housing PFI.
Leading player in UK Social Infrastructure projects (ranked 2nd in the Infrastructure Journal 2009 League Table for Mandated Lead Arrangers).
Nationwide Commercial is a leading lender to affordable housing providers becoming the first to commit over £9 billion to the sector.