Origin Housing Ltd has officially announced a £50m funding package with Danske Bank UK, which it says will aid the delivery of more than 1,000 new homes over the next five years.
The new £50m facility will be used to help finance Origin’s development plan to deliver 1,089 new homes in the next five years, 80% of which will be affordable housing, as well as to improve the quality of its existing housing stock.
The plan will increase Origin’s housing stock by around 15%.
Gloria Yang, deputy CEO and Finance director at Origin Housing, said: “This funding package will help us greatly with plans to deliver much needed new stock to meet ongoing demand for social and affordable housing in the communities we serve in London and Hertfordshire.
“Housing is a long-term commitment, so it is important to us that we build new homes to meet future needs and continue to invest in homes that people are proud to live in.
“We believe good quality affordable housing is a foundation for a successful life.”
She added: “Danske Bank showed a great understanding of the social housing sector and really got to know the details of Origin’s long history.
“That the Danske Bank team shared the same passion for our social purpose and demonstrated their support for our mission really took the relationship beyond a simple commercial transaction for us.”
Mark Canning, head of the Corporate Relationship team at Danske Bank, said: “We are delighted to have been able to provide this funding to Origin Housing, and we look forward to supporting the organisation’s growth and its programme to build new affordable housing over the next five years.
“Danske Bank UK is the biggest bank in Northern Ireland, where we have been the lead bank provider of finance to the social housing sector for many years.
“We are pleased to have completed this latest significant transaction in England, as part of our own strategic growth plan is to be more active in helping the sector across the rest of the UK moving forward.”
Origin Housing is a registered social landlord which manages over 6,900 homes in 14 communities across North London and Hertfordshire.
Tracing its history back to 1924, when it started life as the St Pancras House Improvement Society, Origin now provides a range of affordable housing as well as support services to vulnerable residents.
Main image: Imagining of Origin Housing’s The Place development
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