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
Accord Housing Association* £75m 12,681 920,378 421,290 31,311 -17,366 78,113 124,958 G1/V2 Mar-20
Ateb Group £18m 2,879 222,087 85,198 7,278 -3,249 16,888 25,900 Standard Mar-20
Cardiff Community Housing Association £37m 2,920 176,098 53,729 5,152 -1,716 19,310 23,032 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 G1/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
Mosscare St Vincent's Housing Group Limited £40m 8,425 372,975 149,052 11,532 -7,506 40,752 45,814 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
Ongo Homes Limited £50m 9,959 194,291 45,394 11,275 -3,011 44,625 45,840 G2/V1 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
Teign Housing £33m 3,691 136,443 36,001 6,834 -2,403 17,549 19,905 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
Valleys to Coast Housing Limited £35m 5,888 125,280 53,664 6,312 -3,198 30,569 31,473 Standard 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 Housing Association £110m 11,062 664,597 252,075 19,855 -9,052 65,106 69,258 Standard Dec-20
Walsall Housing Group £75m 20,740 490,644 320,136 37,584 -19,917 96,267 112,183 G1/V1 Mar-20

*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 2020 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 £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
Accord Housing Association limited 75,000 75,000 1,850 2,741 94,627 1.08 2,882 1.56
Ateb Group 18,000 18,000 623 6,466 14,633 1.00 1,227 1.97
Cardiff Community Housing Association 37,000 37,000 1,081 380 44,577 1.01 1,853 1.71
Cobalt Housing 25,000 25,000 731 3,139 30,331 1.13 2,771 3.71
Hightown Housing Association 50,000 50,000 1,492 25,177 38,041 1.09 2,909 1.95
Leeds Federated Housing Association 20,000 20,000 692 20,011 1.00 1.00
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 29,311 2,032
Ongo Homes Limited 50,000 50,000 1,461 50,000 1.00 1.00
Platform Housing 180,000 180,000 6,226 99,611 118,568 1.05 10,966 1.76
Regenda Limited 50,000 50,000 1,611 6,955 56,189 1.06 3,044 1.89
Rooftop Housing Group Limited** 50,000 30,000 877 5,687 31,247 1,000 1.07 1,346 1.54
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
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 3,885 150,887 1.29 9,254 2.68
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 20,595 1,469

** Walsall Housing Group’s £75m loan will be drawn on a deferred basis on 13 October 2021, Rooftop’s remaining £20m loan will be drawn on a deferred basis on 3 November 2021 and Newport City Homes’ £25m loan will be drawn on 16 December 2021.

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.