Underlying Borrowers

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 (housing association names link through to full disclosure tables):

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
Accord Housing Association* £75m 12,866 944,558 440,499 25,075 -16,861 81,003 130,646 G1/V2 Mar-21
Ateb Group £18m 3,005 231,785 76,898 8,759 -3,491 17,300 29,231 Standard Mar-21
B3 Living Limited £35m 4,985 258,487 181,961 14,881 -4,744 27,966 33,336 G1/V1 Mar-21
Cardiff Community Housing Association £37m 2,957 183,589 47,807 3,151 -1,606 19,447 22,423 Standard Mar-21
Choice Housing Ireland Limited £50m 12,495 1,044,191 387,734 22,682 -10,725 64,465 81,676 Meets Requirements Mar-21
Cobalt Housing £25m 5,876 139,965 -6,261 7,675 -8,048 27,529 27,678 G1/V1 Mar-21
Hightown Housing Association £50m 7,086 884,990 519,330 29,121 -11,251 67,785 90,088 G1/V1 Mar-21
Leeds Federated Housing Association £20m 4,157 205,164 61,991 7,917 -2,586 20,498 25,614 G1/V1 Mar-21
Mosscare St Vincent's Housing Group Limited £40m 8,515 383,586 148,669 11,647 -21,120*** 42,336 47,212 G1/V1 Mar-21
Newport City Homes £25m 9,695 158,155 48,323 9,667 -3,000 50,387 51,811 Standard Mar-21
Ongo Homes Limited £50m 10,096 202,146 31,236 12,666 -3,633 46,207 47,691 G2/V1 Mar-21
Orwell Housing Association Limited £20m 4,028 236,812 91,174 5,693 -3,085 20,338 37,232 G1/V1 Dec-20
Platform Housing Group £180m 46,151 2,609,866 1,094,402 110,159 -54,093 225,291 269,873 G1/V1 Mar-21
Regenda Limited £50m 13,019 490,544 190,524 16,825 -8,356 58,156 75,868 G1/V1 Mar-21
Rooftop Housing Group Limited £50m 6,569 355,107 202,157 13,942 -9,743 36,751 42,812 G1/V1 Mar-21
Silva Homes Limited £25m 6,643 429,379 144,887 15,692 -6,177 41,086 50,449 G1/V1 Mar-21
Teign Housing £33m 3,714 141,088 35,521 6,149 -2,678 18,063 19,864 G1/V1 Mar-21
The Community Housing Group £35m 5,968 227,313 149,115 15,306 -7,432 28,947 36,188 G1 V1 Mar-21
Torus62 Limited £100m 38,252 981,268 206,963 67,528 -11,376 174,955 198,968 G1/V1 Mar-21
Valleys to Coast Housing Limited £35m 5,933 132,275 53,837 5,202 -2,969 31,109 32,437 Standard Mar-21
Wakefield & District Housing £100m 31,691 847,163 400,414 18,965 180** 141,769 153,345 G1/V1 Mar-21
Wales and West Housing Association £110m 11,062 664,597 252,075 19,855 -9,052 65,106 69,258 Standard Dec-20
Walsall Housing Group £75m 20,981 538,893 321,581 37,650 -20,689 101,294 120,808 G1/V1 Mar-21

*Accord Housing Association Limited merged with Greensquare Housing Group on 1 April 2021 to form GreenSquareAccord. Audited accounts for the combined entity are not yet available but a simple addition (not consolidated or audited) of the 2021 financial statements for Accord Housing Association and GreenSquare Housing Group to to give an idea of the scale of the merged entity can be found here.

**Wakefield and District Housing’s Net Interest Payable included £15m of interest payable and £15m of fair value gain on recognition of new loans. Please see note 8 of Wakefield and District’s accounts for further details

***Mosscare St Vincent’s net interest payable includes £13,520k of loan break costs.

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
Accord Housing Association limited 75,000 75,000 1,850 2,741 94,627 1.08 2,882 1.56
Ateb Group 18,000 18,000 623 6,466 14,633 1.00 1,227 1.97
B3 Living Limited** 35,000
Cardiff Community Housing Association 37,000 37,000 1,081 380 44,577 1.01 1,853 1.71
Choice Housing Ireland** 50,000
Cobalt Housing 25,000 25,000 731 3,139 30,331 1.13 2,771 3.71
Hightown Housing Association 50,000 50,000 1,492 27,078 42,139 1.19 2,886 1.93
Leeds Federated Housing Association 20,000 20,000 692 420 33,650 11,000 2.02 1,435 2.07
Mosscare St Vincent’s Housing Group Limited 40,000 40,000 1,384 5,116 60,188 1.37 2,688 1.94
Newport City Homes** 25,000 29,311 2,032
Ongo Homes Limited 50,000 50,000 1,461 68,191 1.24 5,340 3.66
Orwell Housing Association Limited** 20,000 10,000 10,000 1.00 1.00
Platform Housing 180,000 180,000 6,226 99,611 118,568 1.07 11,001 1.77
Regenda Limited 50,000 50,000 1,611 7,452 59,436 1.13 3,044 1.89
Rooftop Housing Group Limited 50,000 50,000 877 6,800 59,391 1,000 1.89 2,276 2.60
Silva Homes 25,000 25,000 865 33,513 6,247 1.43 2,150 2.49
Teign Housing 33,000 33,000 964 73,227 1.85 2,415 2.50
The Community Housing Group 35,000 35,000 1,211 257 45,598 1.09 1,807 1.49
Torus62 Limited 100,000 100,000 2,922 118,373 1.08 9,690 3.32
Valleys to Coast Housing Limited** 35,000 25,000 731 4,900 48,200 1.78 3,317 4.54
Wakefield & District Housing 100,000 100,000 3,459 4,270 163,711 1.40 9,493 2.74
Wales & West Housing Association 110,000 110,000 3,698 5,177 133,484 1.05 6,924 1.87
Walsall Housing Group 75,000 75,000 2,192 89,947 1.09 6,106 2.79

** Newport City Homes’ £25m loan will be drawn on 16 December 2021, Valleys to Coast’s remaining £10m will be drawn on 21 July 2022, Choice’s £50m loan will be drawn on 10 August 2022, B3 Living’s £35m loan will be drawn on 24 October 2022 and Orwell’s remaining £10m will be drawn on 24 October 2022.

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.