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 | 3,005 | 231,785 | 76,898 | 8,759 | -3,491 | 17,300 | 29,231 | Standard | Mar-21 |
| B3 Living Limited | £35m | 4,985 | 258,487 | 181,961 | 14,881 | -4,744 | 27,966 | 33,336 | G1/V1 | Mar-21 |
| Cardiff Community Housing Association | £37m | 2,957 | 183,589 | 47,807 | 3,151 | -1,606 | 19,447 | 22,423 | Standard | Mar-21 |
| Choice Housing Ireland Limited | £50m | 12,495 | 1,044,191 | 387,734 | 22,682 | -10,725 | 64,465 | 81,676 | Meets Requirements | Mar-21 |
| Cobalt Housing | £25m | 5,876 | 139,965 | -6,261 | 7,675 | -8,048 | 27,529 | 27,678 | G1/V1 | Mar-21 |
| GreenSquareAccord Limited* | £75m | 12,866 | 944,558 | 440,499 | 25,075 | -16,861 | 81,003 | 130,646 | G1/V2 | Mar-21 |
| Hightown Housing Association | £50m | 7,086 | 884,990 | 519,330 | 29,121 | -11,251 | 67,785 | 90,088 | G1/V1 | Mar-21 |
| Leeds Federated Housing Association | £20m | 4,157 | 205,164 | 61,991 | 7,917 | -2,586 | 20,498 | 25,614 | G1/V1 | Mar-21 |
| Mosscare St Vincent's Housing Group Limited | £40m | 8,515 | 383,586 | 148,669 | 11,647 | -21,120*** | 42,336 | 47,212 | G1/V1 | Mar-21 |
| Newport City Homes | £25m | 9,695 | 158,155 | 48,323 | 9,667 | -3,000 | 50,387 | 51,811 | Standard | Mar-21 |
| Ongo Homes Limited | £50m | 10,096 | 202,146 | 31,236 | 12,666 | -3,633 | 46,207 | 47,691 | G2/V1 | Mar-21 |
| Orwell Housing Association Limited | £20m | 4,028 | 236,812 | 91,174 | 5,693 | -3,085 | 20,338 | 37,232 | G1/V1 | Dec-20 |
| Platform Housing Group | £180m | 46,151 | 2,609,866 | 1,094,402 | 110,159 | -54,093 | 225,291 | 269,873 | G1/V1 | Mar-21 |
| Regenda Limited | £50m | 13,019 | 490,544 | 190,524 | 16,825 | -8,356 | 58,156 | 75,868 | G1/V1 | Mar-21 |
| Rooftop Housing Group Limited | £50m | 6,569 | 355,107 | 202,157 | 13,942 | -9,743 | 36,751 | 42,812 | G1/V1 | Mar-21 |
| Silva Homes Limited | £25m | 6,643 | 429,379 | 144,887 | 15,692 | -6,177 | 41,086 | 50,449 | G1/V1 | Mar-21 |
| Teign Housing | £33m | 3,714 | 141,088 | 35,521 | 6,149 | -2,678 | 18,063 | 19,864 | G1/V1 | Mar-21 |
| The Community Housing Group | £35m | 5,968 | 227,313 | 149,115 | 15,306 | -7,432 | 28,947 | 36,188 | G1 V1 | Mar-21 |
| Torus62 Limited | £100m | 38,252 | 981,268 | 206,963 | 67,528 | -11,376 | 174,955 | 198,968 | G1/V1 | Mar-21 |
| Valleys to Coast Housing Limited | £35m | 5,933 | 132,275 | 53,837 | 5,202 | -2,969 | 31,109 | 32,437 | Standard | Mar-21 |
| Wakefield & District Housing | £100m | 31,691 | 847,163 | 400,414 | 18,965 | 180** | 141,769 | 153,345 | G1/V1 | Mar-21 |
| Wales and West Housing Association | £110m | 11,062 | 664,597 | 252,075 | 19,855 | -9,052 | 65,106 | 69,258 | Standard | Dec-20 |
| Walsall Housing Group | £75m | 20,981 | 538,893 | 321,581 | 37,650 | -20,689 | 101,294 | 120,808 | G1/V1 | Mar-21 |
*Accord Housing Association Limited merged with Greensquare Housing Group on 1 April 2021 to form GreenSquareAccord. Audited accounts for the combined entity are not yet available but a simple addition (not consolidated or audited) of the 2021 financial statements for Accord Housing Association and GreenSquare Housing Group to to give an idea of the scale of the merged entity can be found here.
**Wakefield and District Housing’s Net Interest Payable included £15m of interest payable and £15m of fair value gain on recognition of new loans. Please see note 8 of Wakefield and District’s accounts for further details
***Mosscare St Vincent’s net interest payable includes £13,520k of loan break costs.
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 | 6,466 | 14,633 | – | 1.00 | 1,227 | 1.97 |
| B3 Living Limited** | 35,000 | – | – | – | – | – | – | – | – |
| Cardiff Community Housing Association | 37,000 | 37,000 | 1,081 | 380 | 44,577 | – | 1.01 | 1,853 | 1.71 |
| Choice Housing Ireland** | 50,000 | – | – | – | – | – | – | – | – |
| Cobalt Housing | 25,000 | 25,000 | 731 | 3,139 | 30,331 | – | 1.13 | 2,771 | 3.71 |
| GreenSquareAccord Limited | 75,000 | 75,000 | 1,850 | 2,741 | 94,627 | – | 1.08 | 2,882 | 1.56 |
| 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 | 420 | 33,650 | 11,000 | 2.02 | 1,435 | 2.07 |
| Mosscare St Vincent’s Housing Group Limited | 40,000 | 40,000 | 1,384 | 5,116 | 60,188 | – | 1.37 | 2,688 | 1.94 |
| Newport City Homes** | 25,000 | 25,000 | 731 | 29,311 | – | – | 1.07 | 2,032 | 2.78 |
| Ongo Homes Limited | 50,000 | 50,000 | 1,461 | 68,191 | – | – | 1.24 | 5,340 | 3.66 |
| Orwell Housing Association Limited** | 20,000 | 10,000 | 292 | 3,152 | 9,451 | – | 1.07 | 560 | 2.00 |
| Platform Housing | 180,000 | 180,000 | 6,226 | 99,611 | 118,568 | – | 1.07 | 11,001 | 1.77 |
| Regenda Limited | 50,000 | 50,000 | 1,611 | 7,452 | 59,436 | – | 1.13 | 3,044 | 1.89 |
| Rooftop Housing Group Limited | 50,000 | 50,000 | 877 | 6,800 | 59,391 | 1,000 | 1.89 | 2,276 | 2.60 |
| Silva Homes | 25,000 | 25,000 | 865 | 33,513 | 6,247 | – | 1.43 | 2,150 | 2.49 |
| Teign Housing | 33,000 | 33,000 | 964 | – | 73,227 | – | 1.85 | 2,415 | 2.50 |
| The Community Housing Group | 35,000 | 35,000 | 1,211 | 257 | 45,598 | – | 1.09 | 1,807 | 1.49 |
| Torus62 Limited | 100,000 | 100,000 | 2,922 | 118,373 | – | – | 1.08 | 9,690 | 3.32 |
| Valleys to Coast Housing Limited** | 35,000 | 25,000 | 731 | 4,900 | 48,200 | – | 1.78 | 3,317 | 4.54 |
| Wakefield & District Housing | 100,000 | 100,000 | 3,459 | 4,270 | 163,711 | – | 1.40 | 9,493 | 2.74 |
| Wales & West Housing Association | 110,000 | 110,000 | 3,698 | 5,177 | 133,484 | – | 1.05 | 6,924 | 1.87 |
| Walsall Housing Group | 75,000 | 75,000 | 2,192 | 89,947 | – | – | 1.09 | 6,106 | 2.79 |
** Newport City Homes’ £25m loan will be drawn on 16 December 2021, Valleys to Coast’s remaining £10m will be drawn on 21 July 2022, Choice’s £50m loan will be drawn on 10 August 2022, B3 Living’s £35m loan will be drawn on 24 October 2022 and Orwell’s remaining £10m will be drawn on 24 October 2022.
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.