bLEND will undertake measured growth by issuing multiple market size deals over time and may vary maturities to better suit both investors and borrowers. In the end, we are dedicated to ensuring much-needed affordable housing finance is delivered to suitable housing associations, while providing clear, transparent investment opportunities to prospective investors.
bLEND’s transaction portfolio, which details the nature of all issuances to date and the housing associations on-lent to, can be viewed in the table below:
| Association | Nominal bLEND loan | No of units Owned | Housing properties £k | Net debt £k | Operating surplus £k | Net interest payable £k | Social Housing Lettings Turnover £k | Total Turnover £k | Regulatory status | Year End | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Hightown Housing Association | £50m | 6,240 | 670,820 | 392,323 | 29,437 | -10,746 | 60,358 | 84,693 | G2/V1 | Mar-19 | |
| Platform Housing Group | £180m | 45,510 | 2,471,698 | 1,076,232 | 107,442 | -49,438 | 215,124 | 257,117 | G1/V1 | Mar-20 | |
| Regenda Limited | £50m | 13,003 | 483,439 | 178,570 | 18,787 | -8,194 | 58,613 | 68,932 | G1/V1 | Mar-19 | |
| Silva Homes Limited | £25m | 6,448 | 380,407 | 117,549 | 13,343 | -5,316 | 38,008 | 45,274 | G1/V1 | Mar-19 | |
| Wakefield & District Housing | £100m | 31,432 | 708,558 | 331,928 | 33,612 | -18,171 | 137,736 | 155,561 | G1/V1 | Mar-19 | |
| Wales and West | £110m | 10,856 | 629,184 | 214,675 | 17,188 | -8,782 | 64,177 | 67,212 | Standard | Dec-19 |
Borrower compliance with the Asset Cover Test and Income Cover Test:
The following table summarises the Asset Cover Ratio and the Income Cover Ratio (each as defined below) derived from the security portfolio for each Borrower.
| Borrower | Loan facility nominal amount £k | Aggregate outstanding amount of drawn loan £k | Interest payable £k | Fixed charge security – value £k | Cash security £k | Asset cover ratio (Min 1x) | Net annual income £k | Income cover ratio (Min 1x) | |
|---|---|---|---|---|---|---|---|---|---|
| EUV-SH | MV-ST | ||||||||
| Hightown | 50,000 | 50,000 | 1,492 | 23,419 | 38,361 | 0 | 1.07 | 2,861 | 1.92 |
| Platform Housing | 180,000 | 180,000 | 6,226 | 97,557 | 112,268 | 0 | 1.01 | 10,722 | 1.72 |
| Regenda Limited | 50,000 | 50,000 | 1,611 | 5,694 | 29,049 | 20,616 | 1.00 | 1,861 | 1.16 |
| Silva Homes | 25,000 | 25,000 | 865 | 32,878 | 5,645 | 0 | 1.38 | 2,074 | 2.40 |
| Wakefield & District Housing | 100,000 | 100,000 | 3,459 | 4,004 | 151,704 | 0 | 1.30 | 9,302 | 2.69 |
| Wales & West | 110,000 | 110,000 | 3,698 | 4,630 | 131,146 | 0 | 1.03 | 6,792 | 1.84 |
Notes:
(1) Asset Cover Ratio means the sum of:
(a) the Minimum Value of the Charged Properties; and
(b) the Cash Security, divided by the nominal amount of the Loan.
(2) Income Cover Ratio means the Net Annual Income of the Charged Properties divided by the annual interest payable on the Loan or, if there is a balance in the Cash Security Account, the amount of interest which would have been payable if the principal amount of the Loan was reduced by the amount of the Cash Security.
Minimum Value of EUV-SH Charged Properties – 110%
Minimum Value of MV-ST Charged Properties – 120%
For new Borrowers, or Borrowers taking additional funding, the funding is initially secured by the cash proceeds of the advance pending the charging of property security. Such cash is shown in the column entitled “Cash security £k”. Borrowers have up to 12 months to complete the charging of property security.