THFC delivers yet more competitive lending on the cusp of Tuesday’s vote
Hours before members of parliament were set to vote on the Prime Minister’s amended BREXIT deal, The Housing Finance Corporation (THFC) adopted a truly ‘business as usual’ approach, pricing its latest retained bond sale of £11.8m at an all-in rate of 3.176%.
Yesterday’s sale, based on a GILT of 1.666% (with a spread over GILT of 1.51%), highlights one of THFC’s lowest priced deals to date and is for the repeat borrower, Irwell Valley Homes.
Irwell, who work inside Greater Manchester, will use the raised funds to expand its 7500+ housing portfolio across a variety of tenures (including specific accommodation for the homeless and those suffering from mental illness).
Helen Nicholson, Executive Director of Governance and Finance at Irwell commented:
“We experienced a smooth and quick credit approval with THFC as well as a straightforward process to agree the legal documentation. THFC have been responsive and helpful to our queries and have communicated with us throughout, keeping us fully engaged as we moved through the stages of securing our new funding. We are really pleased to have this new funding in place so we can deliver the new homes targets we have in our Irwell Valley Plan.”
This latest deal comes just a short time after THFC’s subsidiary, bLEND Funding Plc, delivered its second bond issuance, with a sub 3% pricing. The transactions are a testimony to the Group’s various funding products and flexible drawdown structures, which (no matter the climate) continue to benefit individual housing association (HA) need.
The speed and efficiency in which THFC have operated to secure the latest bond transactions is made all the more impressive with the current market volatility that continues to accompany BREXIT uncertainty.
Piers Williamson, THFC’s Chief Executive said:
“With certain HAs keen to acquire long term funding before the ‘shadow’ of Britain’s exit strategy is determined, THFC is delighted to have secured another fantastic deal for one of its customers.”
Williamson went on to add:
“Both political uncertainties and subsequent ‘economic tumbleweed’ has not deterred THFC from doing what it does best. Indeed, within only a week, we have produced two more tailored funding opportunities to benefit both borrower and investor.”
If you require any further information, please contact:
Piers Williamson, Chief Executive, The Housing Finance Corporation Limited
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