Published: 27th Apr 2021

Stonewater has secured £100m in new funding following a restructure to help it build 6,000 affordable homes over the next four years. The 33,000-home housing provider has borrowed £75m from SMBC and £25m from existing lender, Nationwide. The funding from new partner SMBC, is linked to sustainability performance so a lower interest rate will apply if Stonewater hits targets relating to decarbonisation. Stonewater’s ESG annual targets include planting 3,000 trees, upgrading 350 properties to EPC level C or equivalent and installing 200 low carbon heating systems. The company restructure consolidates the number of Stonewater businesses from five to three. The previous structure was a legacy of the merger in 2015 that created Stonewater. This new approach maximises the financial capacity to deliver the planned investment in existing and also new homes. The benefit of the new structure was recognised by the Regulator of Social Housing in its recent In-Depth Assessment, … (To read the full article, subscribe below)