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Housing association Sovereign Network Group (SNG) has secure £200m of financing from Lloyds Banking Group to support its plans to develop 25,000 homes in the next 10 years and upgrade its existing portfolio across the south of England.
The loan brings Lloyds’ total commitment to UK social housing to more than £22bn since 2018, and follows its £100m retrofitting loan to SNG last August, backed by the National Wealth Fund (NWF).
The NWF scheme is designed to unite the public and private sectors in delivering warmer, greener homes for social housing residents, while supporting the UK’s broader net zero ambitions.
SNG chief finance officer Pete Benz said the facility would give the group “the headroom to keep building the affordable homes our communities need, while upgrading the homes we already manage”.
He added: “It aligns with our Homes and Place Standard and supports our long-term investment strategy to deliver high-quality, sustainable homes and thriving places.”
Jess Tomlinson, global head of real estate and housing at Lloyds Banking Group, added: “We’re proud to deepen our support for SNG as it pushes forward with its ambition to deliver high-quality, affordable homes.
“Building on last summer’s £100m retrofit financing, this new RCF [revolving credit facility] demonstrates how we’re mobilising capital at scale for social impact, accelerating the delivery of new homes, driving essential upgrades across the south of England, and strengthening our commitment to help tackle the UK’s housing crisis by increasing the supply of sustainable, cost-effective homes where they’re needed most.”
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