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Newly created flexible £100m loan facility with bLEND unlocked. The new facility will provide greater flexibility, giving up to three years to draw down in smaller amounts if required. The approach will support VIVID's ambitious development programme and provide flexibility on when to lock in long-term rates.
THFC’s relationship with VIVID dates back to 1991, when the aggregator lent to the housing associations that merged in 2017 to form VIVID.
Based in Hampshire, VIVID is a leading provider of affordable homes and support services in the South of England. The landlord serves approximately 72,000 customers and operates in 23 local authorities, managing approximately 33,000 homes. VIVID have strong ambitions to contribute to the affordable housing supply, with a target to build 17,000 new homes between 2017 and 2027.
VIVID is an adopter of the Sustainability Reporting Standard for Social Housing (SRS) and will be incorporated into bLEND’s SRS report in the 2023 reporting season.
Gavin Richards, Relationship Manager at bLEND who worked with VIVID to establish the loan, said: “It has been great working with the team at VIVID to develop a flexible approach to their liquidity and funding requirements and strengthening our support of one of the strongest and most ambitious housing associations.”
Arun Poobalasingam, Head of Relationship Management and Product Development at THFC, said: “We are delighted to agree this loan facility with VIVID. We believe that the flexibility we can offer associations makes THFC attractive in the current economic environment, where borrowers need to move quickly to take advantage of potential long-term funding opportunities.”
Duncan Brown, Chief Financial Officer at VIVID, said: “In an unpredictable market we’re keen to have a range of options for accessing liquidity when we need it, The flexibility this new facility offers is a great addition to our portfolio. We enjoy working with the team at THFC and are really pleased with this new product.”