The Housing Finance Corporation (THFC) is pleased to announce the lending of an additional £25 million of facilities to Ongo Homes Limited through bLEND, bringing its total commitment to £75m. The aggregator has a strong relationship with Ongo Homes, having initially lent £50 million to them in 2021.

The additional lending will provide Ongo Homes with the necessary liquidity to commit to future development schemes and expand its housing portfolio. One of the key benefits to Ongo is the flexibility of the arrangement, which allows the association to access the capital markets at a later date, with fees structured to ensure that carrying costs of unutilised facilities are as low as possible.

Ashley Harrison, Director of Resources and Commercial Services, said: “Having identified the need for additional, flexible, funding facilities to underpin Ongo’s continuing development plans and aspirations the product that bLEND were able to offer met our funding needs and gave the added benefit of working again with a current and trusted partner. The process to achieve the additional facility has been a smooth and swift one. It is a pleasure to work with THFC / bLEND again, who have been supportive and helpful throughout.”

Alex Bowden, Relationship Manager at THFC who facilitated the deal, said: “Having established a strong relationship with Ongo Homes back in 2021, we are pleased to be able to extend our support further through an additional £25m of facilities through bLEND. This additional lending will enable Ongo Homes to continue their efforts in developing critical affordable housing for the residents of the communities within which they work, with the flexibility to go to market at the time that suits them best.”

Arun Poobalasingam, Funding and Marketing Director at THFC, said: “We are very pleased to continue supporting Ongo Homes in their mission to provide more, much needed affordable housing. Our initial lending of £50 million was a clear indication of the confidence we have in Ongo’s management team and we could not be more delighted to offer an additional £25m to this brilliant organisation.”

 

Notes to editors:

 

About THFC

THFC has been the UK’s leading affordable housing aggregator for more than three decades, providing innovative funding solutions for over 160 housing associations across all four nations of the UK. THFC has amassed a loan book of over £8.2bn to date and continues to expand its range of financial products to serve the needs of the social housing sector. THFC has made significant contributions toward solving the UK’s affordable housing crisis, having funded 32,000+ homes under Affordable Housing Finance plc, which oversaw the government’s initial Affordable Housing Guarantee Scheme. The aggregator launched bLEND, a direct subsidiary, in 2018 and unveiled THFC Sustainable Finance (TSF), a £2bn sustainable finance vehicle, in 2023.

 

About Ongo Homes

 With over 11,000 homes in Lincolnshire, Yorkshire and the surrounding areas, Ongo Homes provides affordable housing, support services and community initiatives to people living in the areas they operate.

Ongo will shortly be launching their 2024-2029 Corporate Plan which sets out ambitious goals to increase their portfolio of stock, continue to improve and invest in their core services and invest over £1m each year in community based projects.

 

For more information, please contact:

Danielle Hughes, ESG Strategy and Communications Manager at THFC

danielle.hughes@thfcorp.com