Coastline Housing is pleased to confirm it has secured new loan facilities agreements of £83m to unlock its plans to provide more affordable housing for people in Cornwall.
Santander is providing £45m split as a 10-year term loan and revolving credit facilities. These provide additional liquidity to support Coastline’s ambitious development plans and compliments the recent £40m of funding awarded under the Government’s Affordable Homes Guarantee Scheme in November 2024.
In addition, Coastline has secured revolving facilities of £30m plus an £8m fixed term loan from NatWest.
Coastline’s Director of Finance, People & Change, Nathan Mallows, says: “We approach funding in the same manner as all of our business, in the spirit of partnership, so I am delighted that both Santander and NatWest are able to improve the flexibility in the covenant packages and increase the amount of facilities. These changes allow us to speed up our investment in the remaining 15% of our homes that are below EPC-C and balance the various risks of supporting one of the most active new affordable home delivery programmes in the country.”
Coastline Housing is committed to working towards ending the housing crisis in Cornwall. It has appeared on Inside Housing’s top ten list of fastest growing housing associations for the past seven years, last year securing its highest placing at number four. After building over 750 homes for local people since 2021, the charity will soon publish a new Coastline Plan outlining how it aims to continue supporting communities across the county.