THE government’s social-housing provider has extended its existing debt arrangements by £75 million to fund further development projects.
Andium Homes has reached an agreement with a consortium of local banks enabling it to borrow up to £225 million to bankroll its plans for affordable housing, having previously agreed a deal for funding of up to £150 million.
The amount is in addition to the £250 million borrowing that was provided from a government bond taken out in 2014 for Andium and other social-housing providers via the now exhausted Housing Development Fund.
The new facility was agreed with Lloyds Bank International, HSBC and Natwest International.
Andium finance director Lindsay Wood said that the ‘new and enlarged facility’ would enable the company, which is independent but owned by the States, to ‘develop more homes for those who need them most in Jersey’.
‘Our low-risk business model meant we were able to obtain even more competitive rates for this new facility,’ she said.
‘I am delighted that Lloyds is joining HSBC and Natwest in supporting our future growth.’
James Hendriksen, senior relationship manager at Lloyds, said that the bank was committed to growth opportunities and ‘helping Jersey prosper’.
‘We are delighted to be supporting Andium Homes with the additional resources to achieve its ambitions, especially as this will help them to develop more homes for those Islanders who need them most,’ he said.
Andium has a target of building 3,000 more homes in the Island by 2030.
