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
Ateb Group £18m 3,069 238,858 73,588 7,494 -3,543 18,200 27,488 Compliant - Green Mar-22
B3 Living Limited £35m 4,987 295,482 201,665 14,900 -4,940 29,349 34,535 G1/V1 Mar-22
Cardiff Community Housing Association £37m 2,982 188,888 49,787 3,361 -1,756 19,891 20,808 Standard Mar-22
Choice Housing Ireland Limited £50m 12,763 1,114,922 443,505 22,984 -11,258 67,416 86,551 Meets Requirements Mar-22
Cobalt Housing £25m 5,819 141,560 -7,355 10,555 611 27,903 28,116 G1/V1 Mar-22
Connect Housing Association £30m 3,409 135,942 45,371 5,288 -1,932 17,079 23,149 G1/V1 Mar-22
ForHousing Limited £60m 17,991 406,963 188,889 26,607 -6,470 88,782 114,062 G2/V1 Mar-22
GreenSquareAccord Limited £75m 25,770 1,881,389 921,162 18,042 -35,697 147,946 227,493 G2/V2 Mar-22
Hightown Housing Association £50m 7,663 943,750 584,176 34,526 -13,638 73,507 103,887 G1/V1 Mar-22
Leeds Federated Housing Association £20m 4,167 213,625 47,681 7,959 -2,750 21,131 25,482 G1/V1 Mar-22
Mosscare St Vincent's Housing Group Limited £40m 8,577 400,360 167,808 13,220 -7,488 44,021 49,395 G1/V1 Mar-22
Newport City Homes £25m 9,696 168,008 54,505 5,800 -3,537 50,229 52,586 Standard Mar-22
Ongo Homes Limited £50m 10,263 220,877 36,646 12,077 -4,527 47,837 49,156 G1/V1 Mar-22
Orwell Housing Association Limited £20m 4,085 240,810 93,793 5,856 -3,159 21,793 47,468 G1/V1 Dec-21
Platform Housing Group £180m 47,119 2,744,997 1,161,159 99,216 -56,294 234,597 296,924 G1/V1 Mar-22
Regenda Limited £50m 12,979 490,645 196,241 11,791 -9,871 59,718 72,439 G1/V1 Mar-22
Rooftop Housing Group Limited £50m 6,644 371,191 218,269 13,276 -9,773 37,597 44,691 G1/V1 Mar-22
Silva Homes Limited £25m 6,788 459,565 175,778 18,224 -14,508 42,801 49,090 G1/V1 Mar-22
Taff Housing Association £25m 1,495 116,700 34,369 2,563 -1,443 11,282 12,798 Standard Mar-22
Teign Housing £33m 3,743 147,740 41,098 4,233 -5,894 18,505 20,479 G1/V1 Mar-22
The Community Housing Group £35m 5,981 236,367 147,803 10,220 -7,320 29,415 39,123 G1 V1 Mar-22
Torus62 Limited £100m 38,233 1,068,422 291,991 55,943 -11,899 180,761 201,505 G1/V1 Mar-22
Trent & Dove Housing £55m 6,474 206,156 121,716 9,223 -4,758 30,482 32,652 G1/V1 Mar-22
Trust Housing Association £22m 3,664 155,040 30,540 2,408 -1,046 32,220 34,224 Compliant Mar-22
Valleys to Coast Housing Limited £35m 5,951 140,574 56,251 4,180 -5,623 31,981 32,947 Standard Mar-22
Wakefield & District Housing £100m 31,744 913,647 390,947 14,486 -15,969 144,378 161,542 G1/V1 Mar-22
Wales and West Housing Association £110m 11,359 709,570 231,343 16,675 -8,758 67,917 73,560 Standard Dec-21
Walsall Housing Group £75m 21,286 582,672 337,155 40,533 -19,756 105,694 120,560 G1/V1 Mar-22
Worthing Homes Limited £40m 3,652 222,974 124,231 10,693 -5,158 22,901 26,041 G1/V1 Mar-22

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
Ateb Group 18,000 18,000 623 6,691 14,988 1.03 1,208 1.94
B3 Living Limited 35,000 35,000 1,023 36,480 4,481 1.05 1,839 1.80
Cardiff Community Housing Association 37,000 37,000 1,081 395 50,545 1.15 1,851 1.71
Choice Housing Ireland 50,000 50,000 1,461 2,383 31,056 21,954 1.00 1,843 1.26
Cobalt Housing 25,000 25,000 731 3,337 32,694 1.21 2,860 3.92
Connect Housing Association** 30,000 20,000 584 10,734 12,447 1.07 627 1.07
ForHousing Limited** 60,000 30,000 1,052 36,630 1.11 2,829 2.69
GreenSquareAccord Limited 75,000 75,000 1,850 11,077 98,226 1.23 3,365 1.82
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 20,000 692 460 37,310 5,003 1.83 1,488 2.15
Mosscare St Vincent’s Housing Group Limited 40,000 40,000 1,384 5,371 61,052 1.39 2,651 1.92
Newport City Homes 25,000 25,000 731 33,577 1.22 2,292 3.14
Ongo Homes Limited 50,000 50,000 1,461 68,191 1.24 5,340 3.66
Orwell Housing Association Limited 20,000 20,000 584 3,152 9,451 10,393 1.07 560 2.00
Platform Housing 180,000 180,000 6,226 111,652 132,453 1.18 11,505 1.85
Regenda Limited 50,000 50,000 1,611 8,448 65,851 1.25 3,044 1.89
Rooftop Housing Group Limited 50,000 50,000 1,461 7,177 59,697 1,004 1.15 2,329 1.59
Silva Homes 25,000 25,000 865 34,659 6,583 1.48 2,272 2.63
Taff Housing** 25,000 15,000 526 30,985 1.72 1,188 2.26
Teign Housing 33,000 33,000 964 79,136 2.00 2,588 2.68
The Community Housing Group 35,000 35,000 1,211 283 47,849 1.15 2,001 1.65
Torus62 Limited 100,000 100,000 2,922 122,691 1.12 9,792 3.35
Trent & Dove Housing Limited** 55,000 27,500 951 27,967 n/a n/a
Trust Housing Association Limited 22,000 22,000 643 12,880 12,720 1.01 1,823 2.84
Valleys to Coast Housing Limited** 35,000 35,000 1,023 5,070 50,280 1.33 3,415 3.34
Wakefield & District Housing 100,000 100,000 3,459 4,481 178,236 1.53 9,679 2.80
Wales & West Housing Association 110,000 110,000 3,698 5,231 139,554 1.10 6,810 1.84
Walsall Housing Group 75,000 75,000 2,192 92,154 1.12 6,240 2.85
Worthing Homes Limited** 40,000 25,000 877 26,049 n/a n/a

** Connect’s £10m loan will be drawn on 3 March 2023; Trent & Dove’s £27.5m loan will be drawn on 5 June 2023; Worthing’s £25m loan will be drawn on 26 October 2023; Taff’s remaining £10m will be drawn on 26 April 2024; ForHousing’s £30m loan will be drawn on 26 April 2024.

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.