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:

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.