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
Acis Group Limited £20m 7,869 308,801 193,469 12,000 -8,049 33,292 44,370 G1/V1 Mar-24
Ateb Group £18m 3,203 265,091 66,259 4,857 -2,015 21,513 21,513 Compliant - Green Mar-24
Abri Group Limited (The Swaythling Housing Society Limited)† £30m 34,018 2,252,040 1,136,611 73,958 -33,527 201,461 263,852 G1/V1 Mar-23
B3 Living Limited £35m 5,290 328,954 197,355 17,416 -8,057 35,381 45,551 G1/V1 Mar-24
Cardiff Community Housing Association £37m 3,010 208,566 59,510 3,595 -1,132 21,792 22,290 Standard Mar-24
Choice Housing Ireland Limited £50m 11,539 986,768 292,268 20,874 -8,076 77,406 82,568 Meets Requirements Mar-24
Cobalt Housing £25m 5,806 139,237 -19,857 9,385 -286 28,835 29,075 G1/V1 Mar-23
Connect Housing Association £30m 3,404 138,078 45,748 3,279 -2,053 19,360 19,360 G1/V1 Mar-24
ForHousing Limited £60m 18,965 428,385 200,903 16,679 -8,295 93,044 137,574 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 8,773 1,127,802 722,528 42,454 -31,822 90,634 120,969 G1/V2 Mar-24
Leeds Federated Housing Association £30m 4,359 247,288 74,009 6,351 -3,611 24,485 30,382 G1/V2 Mar-24
Mosscare St Vincent's Housing Group Limited £40m 8,790 421,270 223,400 9,957 -7,033 51,686 60,824 C2/G1/V2 Mar-24
Newport City Homes £25m 9,951 202,285 63,929 9,617 276 57,762 60,590 Standard Mar-24
Ongo Homes Limited £75m 11,227 312,948 95,198 6,669 -1,696 55,151 61,571 G1/V1 Mar-24
Orwell Housing Association Limited £20m 3,987 262,884 110,086 5,206 -3,983 23,152 46,823 G1/V2 Dec-23
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 1,493 126,203 41,618 2,009 -1,524 13,085 14,986 Standard Mar-24
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 6,054 252,489 162,850 5,202 -5,969 33,500 41,205 G1 V2 Mar-24
Torus62 Limited £100m 39,452 1,369,041 428,160 30,210 -9,072 208,895 245,597 G1/V1 Mar-24
Trent & Dove Housing £55m 6,644 247,614 146,320 7,859 -4,526 35,140 38,084 G1/V2 Mar-24
Trust Housing Association £22m 3,833 170,261 37,718 45,024 -2,121 38,511 40,953 Compliant Mar-24
Valleys to Coast Housing Limited £35m 6,072 164,411 55,276 3,332 -1,255 36,808 38,170 Standard Mar-24
Vivid Housing Limited £100m 33,512 3,209,455 1,833,742 113,241 -60,092 230,259 357,850 G1/V1 Mar-24
Wakefield & District Housing £100m 32,145 1,078,523 410,070 33,222 -13,212 176,655 194,462 G1/V1 Mar-24
Wales and West Housing Association £110m 11,336 773,427 243,726 19,470 -5,945 75,821 78,147 Standard Dec-23
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 8,516 755,333 314,640 22,580 -16,537 75,888 91,310 G1/V2 Dec-22
Worthing Homes Limited £40m 3,842 257,538 150,919 12,670 -6,557 26,342 31,268 G1/V2 Mar-24

†Lending to Abri Group Limited is into its subsidiary The Swaythling Housing Society Limited. Metrics are shown on a group basis in line with credit analysis done by Moody's.

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
Abri Group Limited (The Swaythling Housing Society Limited) 30,000 30,000 1,720 20,260 29,350 1.43 2,208 1.28
Acis Group Limited* 20,000
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 37,374 1.38 3,357 4.60
Connect Housing Association 30,000 30,000 877 14,090 15,916 6,717 1.09 1,483 2.18
ForHousing Limited 60,000 60,000 1,052 70,276 1.06 5,119 2.43
GreenSquareAccord Limited 75,000 75,000 1,850 13,660 105,257 1.34 4,183 2.26
Hightown Housing Association 50,000 50,000 1,492 19,201 46,688 1.13 2,714 1.82
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 6,125 63,280 1.46 3,321 2.40
Newport City Homes 25,000 25,000 731 36,643 1.33 2,310 3.16
Ongo Homes Limited 75,000 50,000 1,461 79,933 9,960 1.62 6,326 4.33
Orwell Housing Association Limited 20,000 20,000 584 8,790 18,645 1.18 1,233 2.11
Platform Housing 180,000 180,000 6,226 89,023 146,367 1.13 9,827 1.58
Regenda Limited 50,000 50,000 1,611 2,049 67.481 1.16 2,758 1.71
Rooftop Housing Group Limited 50,000 50,000 1,461 7,675 63,801 1.20 3,055 2.09
Silva Homes 25,000 25,000 865 46,200 8,570 1.97 2,461 2.85
Taff Housing 25,000 25,000 526 32,292 3,000 1.20 1,311 1.70
Teign Housing 33,000 33,000 964 88,160 2.12 2,808 2.91
The Community Housing Group 35,000 35,000 1,211 780 61,353 1.48 2,221 1.83
Torus62 Limited 100,000 100,000 2,922 146,991 1.34 10,187 3.49
Trent & Dove Housing Limited 55,000 55,000 951 21,078 46,223 6,192 1.16 2,192 1.30
Trust Housing Association Limited 22,000 22,000 643 15,390 13,680 1.15 2,187 3.40
Valleys to Coast Housing Limited 35,000 35,000 1,023 5,760 50,400 1.35 3,889 3.80
Vivid Housing Limited* 100,000
Wakefield & District Housing 100,000 100,000 3,459 4,579 208,061 1.78 11,586 3.35
Wales & West Housing Association 110,000 110,000 3,698 5,657 138,190 1.09 6,742 1.82
Walsall Housing Group 75,000 75,000 2,192 92,583 1.12 7,111 3.24
West Kent Housing Association* 50,000
Worthing Homes Limited 40,000 40,000 1,403 22,007 27,126 1.07 1,929 1.37

* Vivid Housing Limited’s £100m loan is undrawn and has an availability period to 30 March 2025; West Kent Housing Association’s £50m loan is undrawn and has an availability period to 16 June 2024; Acis Group Limited’s £20m loan is undrawn and has an availability period until 22 April 2025; Leeds Federated’s additional £10m is undrawn; Ongo’s additional £25m is undrawn.

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.