Kent housing association MHS Homes has agreed a 拢175m loan with four banks.

The loan will build 400 new homes and improve the association鈥檚 7000 homes beyond the decent homes standard.

MHS finance director Tom Pattison said: 鈥淲e have a slogan: 鈥楬omes to be proud of鈥�. Under the decent homes standard you can miss out two of the requirements and still meet the standard. Under 鈥楬omes to be proud of鈥�, we don鈥檛 miss any of the requirements.鈥�

Royal Bank of Scotland provided 拢40m, Nationwide put in 拢70m, Abbey 拢35m and Barclays 拢30m.

MHS took out its first loan of 拢90m in 1996 with Royal Bank of Scotland, Abbey, Nationwide and Barclays. It increased it to 拢130m in 2001.

MHS is not registered with the Housing Corporation so does not receive development grant. It relies on bank finance, business profits and grants from other agencies such as English Partnerships.

Its commercial arm, which provides repairs and maintenance services to other housing associations and councils, makes about 拢1m a year.

MHS was formed after a transfer of homes from Medway council in 1990.

Source

Housing Today