Ulster Bank has provided a £20m loan to Radius Housing to help fund the construction of new social rent homes across Northern Ireland.
The loan – agreed under NatWest’s UK-wide £1bn social rent loan fund – makes Radius the first housing association in Northern Ireland to complete a transaction of this kind with the bank.
Kenton Hilman, head of corporate and property at Ulster Bank, said: “Investing in safe, warm, and affordable housing for families isn’t just about shelter but an important investment in the long-term well-being, education, and economic prospects of children and their parents. Ulster Bank is playing its role in this by supporting the Northern Ireland social housing sector to build vitally needed social rental properties.”
Alan Thomson, director of finance at Radius, said: “This funding represents an important milestone for Radius and demonstrates the value of innovative partnerships in addressing Northern Ireland’s housing need. The discounted social loan from Ulster Bank will enable us to invest in the delivery of additional high-quality, affordable homes while ensuring we continue to maximise value for our tenants and communities.”
He added: “This funding also forms an important part of Radius’s ESG strategy – ‘The Radius Sustainable Way’ – underpinning our commitment to being a responsible and inclusive social landlord. As demand for social housing continues to grow, access to sustainable and cost-effective funding is critical to helping us provide homes that change lives and strengthen communities.”
Drew Nesbitt, real estate development partner at Wilson Nesbitt, legal advisers to Radius, said: “This transaction demonstrates the increasingly important role that innovative funding structures play in delivering much-needed social housing across Northern Ireland.
“As legal advisers to Radius, we were delighted to support a transaction that not only enables further investment into affordable homes, but also contributes to stronger, more sustainable communities. As housing needs continue to grow, we expect innovative funding solutions to play an increasingly important role in supporting housing associations to deliver new homes and create lasting social impact.”
Louise Bailey, partner at A&L Goodbody, legal advisers to Ulster Bank, added: “We are delighted to have advised Ulster Bank on this significant social loan to Radius. The transaction demonstrates how innovative financing can support the delivery of much-needed affordable homes while creating lasting social value for communities across Northern Ireland. It was a pleasure to work with the Ulster Bank and Radius teams to bring this important funding to completion.”
Main image: (Left to right) Kenton Hilman, head of corporate and property at Ulster Bank; Alan Thomson, director of finance, Radius; and Richard Lusty, relationship director, Ulster Bank
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