Network secures £50m facility with Clydesdale Bank

19th June 2015

Network Housing Group (“Network”) has secured a £50m facility with Clydesdale Bank which will support the group’s growth strategy and assist in the development of over 3,000 new homes.

One of the largest housing associations in London and South East, Network aims to change lives for the better by building affordable quality homes, creating flexible purchase options for households locked out of the housing market and providing services and support including for older and vulnerable people and the homeless.

The facility will help Network to deliver 3,500 new homes by 2019, as well as achieve its strategic objectives of maximising growth and increasing financial strength.

Barry Nethercott, Director of Finance, Network, said: “Our goal has always been to build communities by creating places where our residents feel proud to live.

“Those values underpin our development plans which are a key part of constantly improving the experiences of our customers and providing desirable new properties in areas of need.

“This new funding package from Clydesdale Bank is a further vote of confidence for our business strategy and fantastic news for the communities we serve.”

Brendan Brien, Senior Director with the Specialist & Acquisition Finance team at Clydesdale Bank, said: “The Bank remains focused on supporting the growth ambitions of our customers and we are committed to expanding our presence in the social housing sector. Elaine Reed has recently joined the CYB team to lead our ambitious expansion plans in this area.”

Elaine added: “Our focus will be to expand existing relationships across our portfolio and to attract new, strong covenant borrowers. The establishment of a specialist team will ensure that we provide a premier service to borrowers.”

Network, a member of the G15 group, provides more than 19,300 homes across London and the South East.