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
Ateb Group £18m 2,879 222,087 85,198 7,278 -3,249 16,888 25,900 Standard Mar-20
Cobalt Housing £25m 5,908 143,302 2,847 8,449 -2,031 27,073 27,242 G1/V1 Mar-20
Hightown Housing Association £50m 6,818 770,314 467,219 27,412 -11,667 63,820 85,536 G2/V1 Mar-20
Leeds Federated Housing Association £20m 4,095 204,666 50,193 8,058 -2,590 19,745 27,568 G1/V1 Mar-20
Newport City Homes £25m 9,659 147,413 55,635 5,640 -4,171 48,383 49,783 Standard Mar-20
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 12,967 486,140 196,253 9,017 -8,521 57,287 70,703 G1/V1 Mar-20
Rooftop Housing Group Limited £50m 6,745 350,396 204,999 15,132 -9,480 35,781 43,056 G1/V1 Mar-20
Silva Homes Limited £25m 6,620 411,341 137,954 12,155 -5,656 39,128 50,042 G1/V1 Mar-20
Torus62 Limited £100m 37,874 915,084 218,647 57,895 -10,541 169,186 195,494 G1/V1 Mar-20
Wakefield & District Housing £100m 31,632 776,702 430,380 31,720 -129,896* 138,719 158,491 G1/V1 Mar-20
Wales and West £110m 10,856 629,184 214,675 17,188 -8,782 64,177 67,212 Standard Dec-19
Walsall Housing Group £75m 20,740 490,644 320,136 37,584 -19,917 96,267 112,183 G1/V1 Mar-20

*Wakefield and District Housing’s Net Interest Payable included £19m of interest payable and £111m of exceptional finance charge. Please see note 8 of Wakefield and District’s accounts for further details

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 18,000 1.00 1.00
Cobalt Housing** 25,000
Hightown 50,000 50,000 1,492 25,177 38,041 0 1.09 2,909 1.95
Leeds Federated 20,000 20,000 692 20,000 1.00 1.00
Newport City Homes*** 25,000
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
Rooftop Housing Group Limited** 50,000 30,000 877 30,000 1.00 1.00
Silva Homes 25,000 25,000 865 32,878 5,645 0 1.38 2,074 2.40
Torus62 Limited 100,000 100,000 2,922 100,000 1.00 1.00
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
Walsall Housing Group** 75,000

** Cobalt Housing’s £25m loan will be drawn on a deferred basis on 13 April 2021, Walsall Housing Group’s £75m loan will be drawn on a deferred basis on 13 October 2021 and Rooftop’s remaining £20m loan will be drawn on a deferred basis on 3 November 2021.

*** Newport City Homes is a new addition to the bLEND pool and its £25m loan is not yet drawn.

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.