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 3,127 251,396 58,535 5,222 -3,091 19,446 26,961 Compliant - Green Mar-23
B3 Living Limited £35m 5,239 317,046 202,955 15,328 -6,309 31,505 42,469 G1/V1 Mar-23
Cardiff Community Housing Association £37m 2,995 195,895 53,012 3,439 -1,430 20,784 21,584 Standard Mar-23
Choice Housing Ireland Limited £50m 11,432 925,134 278,893 26,145 -9,729 73,143 95,003 Meets Requirements Mar-23
Cobalt Housing £25m 5,806 139,237 -19,857 9,385 -286 28,835 29,075 G1/V1 Mar-23
Connect Housing Association £30m 3,412 137,079 45,772 3,653 -2,132 18,150 18,150 G1/V1 Mar-23
ForHousing Limited £60m 18,299 414,930 200,829 22,717 -9,852 89,034 126,385 G3/V1 Mar-23
GreenSquareAccord Limited £75m 26,643 1,973,869 999,793 23,757 -43,934 159,989 214,380 G2/V2 Mar-23
Hightown Housing Association £50m 8,141 1,032,534 652,528 38,646 -20,159 78,597 111,914 G1/V2 Mar-23
Leeds Federated Housing Association £30m 4,237 227,104 60,562 6,463 -2,597 22,192 27,762 G1/V2 Mar-23
Mosscare St Vincent's Housing Group Limited £40m 8,717 411,381 175,331 9,603 -6,952 46,790 53,481 G1/V2 Mar-23
Newport City Homes £25m 9,820 185,192 55,883 3,496 -2,372 52,391 55,403 Standard Mar-23
Ongo Homes Limited £50m 10,289 229,576 39,108 9,869 -3,494 50,499 51,978 G1/V1 Mar-23
Orwell Housing Association Limited £20m 3,889 246,240 106,506 5,926 -3,485 22,214 51,949 G1/V2 Dec-22
Platform Housing Group £180m 48,082 2,936,771 1,274,951 92,836 -44,257 248,181 299,987 G1/V1 Mar-23
Regenda Limited £50m 13,179 492,135 203,291 9,262 -9,580 61,130 76,616 G2/V2 Mar-23
Rooftop Housing Group Limited £50m 6,795 382,730 209,041 13,470 -10,093 39,480 47,648 G1/V2 Mar-23
Silva Homes Limited £25m 6,957 499,428 206,618 18,944 -5,995 46,082 60,139 G1/V1 Mar-23
Taff Housing Association £25m 1,481 121,920 36,704 2,518 -1,703 11,973 14,057 Standard Mar-23
Teign Housing £33m 3,913 158,916 52,172 4,453 -1,904 19,442 21,390 G1/V2 Mar-23
The Community Housing Group £35m 6,044 246,231 153,990 8,906 -6,899 30,794 36,898 G1 V2 Mar-23
Torus62 Limited £100m 38,751 1,160,150 452,538 47,322 -7,226 190,838 226,609 G1/V1 Mar-23
Trent & Dove Housing £55m 6,529 222,112 144,135 8,601 -5,544 31,836 33,685 G1/V1 Mar-23
Trust Housing Association £22m 3,703 160,503 37,718 2,324 -1,611 34,257 36,427 Compliant Mar-23
Valleys to Coast Housing Limited £35m 6,028 150,217 52,121 4,269 -1,986 33,643 34,462 Standard Mar-23
Vivid Housing Limited £100m 32,147 2,816,815 1,510,746 114,286 -43,049 204,538 332,852 G1/V1 Mar-23
Wakefield & District Housing £100m 31,890 1,016,082 401,345 24,643 -16,477 161,387 173,319 G1/V2 Mar-23
Wales and West Housing Association £110m 11,232 739,081 240,244 32,565 -8,991 72883 79474 Standard Dec-22
Walsall Housing Group £75m 21,417 641,612 339,662 39,243 -16,679 109,613 121,121 G1/V1 Mar-23
West Kent Housing Association £50m 7,954 699,186 286,557 17,361 -8,193 53,857 64,525 G1/V2 Dec-22
Worthing Homes Limited £40m 3,690 238,111 140,423 8,837 -6,114 24,017 26,686 G1/V2 Mar-23

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 6,686 14,623 1.01 1,250 2.01
B3 Living Limited 35,000 35,000 1,023 36,820 4,540 1.06 1,926 1.88
Cardiff Community Housing Association 37,000 37,000 1,081 406 54,858 1.25 1,852 1.71
Choice Housing Ireland 50,000 50,000 1,461 7,601 53,947 831 1.04 3,706 2.54
Cobalt Housing 25,000 25,000 731 3,551 34,487 1.28 3,038 4.16
Connect Housing Association 30,000 30,000 877 13,280 15,506 8,510 1.12 1,439 2.29
ForHousing Limited** 60,000 30,000 1,052 70,276 2.13 5,119 4.86
GreenSquareAccord Limited 75,000 75,000 1,850 11,568 99,710 1.25 3,541 1.91
Hightown Housing Association 50,000 50,000 1,492 18,852 43,340 1.07 2,651 1.78
Leeds Federated Housing Association* 30,000 20,000 692 490 45,220 1.91 1,596 2.31
Mosscare St Vincent’s Housing Group Limited 40,000 40,000 1,384 6,006 64,352 1.48 2,932 2.12
Newport City Homes 25,000 25,000 731 35,059 1.27 2,524 3.46
Ongo Homes Limited 50,000 50,000 1,461 76,660 1.39 5,641 3.86
Orwell Housing Association Limited 20,000 20,000 584 8,454 17,848 1.13 1,176 2.01
Platform Housing 180,000 180,000 6,226 89,023 146,367 142 1.13 9,827 1.58
Regenda Limited 50,000 50,000 1,611 2,284 65,124 1.13 2,597 1.61
Rooftop Housing Group Limited 50,000 50,000 1,461 6,921 61,298 1.15 2,759 1.89
Silva Homes 25,000 25,000 865 39,730 7,830 1.71 2,348 2.72
Taff Housing** 25,000 15,000 526 31,538 1.75 1,233 2.34
Teign Housing 33,000 33,000 964 84,334 2.13 2,653 2.75
The Community Housing Group 35,000 35,000 1,211 417 48,784 1.17 2,127 1.76
Torus62 Limited 100,000 100,000 2,922 131,640 1.20 10,372 3.55
Trent & Dove Housing Limited 55,000 55,000 951 21,078 46,223 7,639 1.19 2,192 1.34
Trust Housing Association Limited 22,000 22,000 643 13,950 13,580 1.09 1,883 2.93
Valleys to Coast Housing Limited 35,000 35,000 1,023 5,370 49,030 1.31 3,618 3.54
Vivid Housing Limited* 100,000
Wakefield & District Housing 100,000 100,000 3,459 4,334 204,615 1.74 10,112 2.92
Wales & West Housing Association 110,000 110,000 3,698 4,906 127,647 1.01 6,401 1.73
Walsall Housing Group 75,000 75,000 2,192 94,483 1.15 6,831 3.12
West Kent Housing Association* 50,000
Worthing Homes Limited** 40,000 40,000 1,403 22,334 25,065 1.03 1,999 1.42

*  Vivid Housing Limited’s £100m loan is undrawn and has an availability period to 30 March 2024; West Kent Housing Association’s £50m loan is undrawn and has an availability period to 16 June 2024; Leeds Federated’s additional £10m is undrawn.
**  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.