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 | 3,069 | 238,858 | 73,588 | 7,494 | -3,543 | 18,200 | 27,488 | Compliant - Green | Mar-22 |
| B3 Living Limited | £35m | 4,987 | 295,482 | 201,665 | 14,900 | -4,940 | 29,349 | 34,535 | G1/V1 | Mar-22 |
| Cardiff Community Housing Association | £37m | 2,982 | 188,888 | 49,787 | 3,361 | -1,756 | 19,891 | 20,808 | Standard | Mar-22 |
| Choice Housing Ireland Limited | £50m | 12,763 | 1,114,922 | 443,505 | 22,984 | -11,258 | 67,416 | 86,551 | Meets Requirements | Mar-22 |
| Cobalt Housing | £25m | 5,819 | 141,560 | -7,355 | 10,555 | 611 | 27,903 | 28,116 | G1/V1 | Mar-22 |
| Connect Housing Association | £30m | 3,409 | 135,942 | 45,371 | 5,288 | -1,932 | 17,079 | 23,149 | G1/V1 | Mar-22 |
| ForHousing Limited | £60m | 17,991 | 406,963 | 188,889 | 26,607 | -6,470 | 88,782 | 114,062 | G3/V1 | Mar-22 |
| GreenSquareAccord Limited | £75m | 25,770 | 1,881,389 | 921,162 | 18,042 | -35,697 | 147,946 | 227,493 | G2/V2 | Mar-22 |
| Hightown Housing Association | £50m | 7,663 | 943,750 | 584,176 | 34,526 | -13,638 | 73,507 | 103,887 | G1/V2 | Mar-22 |
| Leeds Federated Housing Association | £30m | 4,167 | 213,625 | 47,681 | 7,959 | -2,750 | 21,131 | 25,482 | G1/V2 | Mar-22 |
| Mosscare St Vincent's Housing Group Limited | £40m | 8,577 | 400,360 | 167,808 | 13,220 | -7,488 | 44,021 | 49,395 | G1/V2 | Mar-22 |
| Newport City Homes | £25m | 9,696 | 168,008 | 54,505 | 5,800 | -3,537 | 50,229 | 52,586 | Standard | Mar-22 |
| Ongo Homes Limited | £50m | 10,263 | 220,877 | 36,646 | 12,077 | -4,527 | 47,837 | 49,156 | G1/V1 | Mar-22 |
| 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 | 47,119 | 2,744,997 | 1,161,159 | 99,216 | -56,294 | 234,597 | 296,924 | G1/V1 | Mar-22 |
| Regenda Limited | £50m | 12,979 | 490,645 | 196,241 | 11,791 | -9,871 | 59,718 | 72,439 | G2/V2 | Mar-22 |
| Rooftop Housing Group Limited | £50m | 6,644 | 371,191 | 218,269 | 13,276 | -9,773 | 37,597 | 44,691 | G1/V2 | Mar-22 |
| Silva Homes Limited | £25m | 6,788 | 459,565 | 175,778 | 18,224 | -14,508 | 42,801 | 49,090 | G1/V1 | Mar-22 |
| Taff Housing Association | £25m | 1,495 | 116,700 | 34,369 | 2,563 | -1,443 | 11,282 | 12,798 | Standard | Mar-22 |
| Teign Housing | £33m | 3,743 | 147,740 | 41,098 | 4,233 | -5,894 | 18,505 | 20,479 | G1/V1 | Mar-22 |
| The Community Housing Group | £35m | 5,981 | 236,367 | 147,803 | 10,220 | -7,320 | 29,415 | 39,123 | G1 V2 | Mar-22 |
| Torus62 Limited | £100m | 38,233 | 1,068,422 | 291,991 | 55,943 | -11,899 | 180,761 | 201,505 | G1/V1 | Mar-22 |
| Trent & Dove Housing | £55m | 6,474 | 206,156 | 121,716 | 9,223 | -4,758 | 30,482 | 32,652 | G1/V1 | Mar-22 |
| Trust Housing Association | £22m | 3,664 | 155,040 | 30,540 | 2,408 | -1,046 | 32,220 | 34,224 | Compliant | Mar-22 |
| Valleys to Coast Housing Limited | £35m | 5,951 | 140,574 | 56,251 | 4,180 | -5,623 | 31,981 | 32,947 | Standard | Mar-22 |
| Vivid Housing Limited | £100m | 31,236 | 2,579,957 | 1,363,822 | 107,776 | -36,197 | 189,562 | 303,328 | G1/V1 | Mar-22 |
| Wakefield & District Housing | £100m | 31,744 | 913,647 | 390,947 | 14,486 | -15,969 | 144,378 | 161,542 | G1/V2 | Mar-22 |
| Wales and West Housing Association | £110m | 11,359 | 709,570 | 231,343 | 16,675 | -8,758 | 67,917 | 73,560 | Standard | Dec-21 |
| Walsall Housing Group | £75m | 21,286 | 582,672 | 337,155 | 40,533 | -19,756 | 105,694 | 120,560 | G1/V1 | Mar-22 |
| Worthing Homes Limited | £40m | 3,652 | 222,974 | 124,231 | 10,693 | -5,158 | 22,901 | 26,041 | G1/V1 | Mar-22 |
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 | 6,767 | 15,285 | – | 1.05 | 1,283 | 2.06 |
| B3 Living Limited | 35,000 | 35,000 | 1,023 | 36,480 | 4,481 | – | 1.05 | 1,839 | 1.80 |
| Cardiff Community Housing Association | 37,000 | 37,000 | 1,081 | 417 | 53,738 | – | 1.22 | 1,865 | 1.72 |
| Choice Housing Ireland | 50,000 | 50,000 | 1,461 | 2,250 | 43,293 | 13,742 | 1.04 | 2,250 | 2.12 |
| Cobalt Housing | 25,000 | 25,000 | 731 | 3,552 | 34,488 | – | 1.28 | 3,038 | 4.16 |
| Connect Housing Association | 30,000 | 30,000 | 877 | 9,320 | 2,140 | 19,944 | 1.01 | 661 | 1.00 |
| ForHousing Limited** | 60,000 | 30,000 | 1,052 | 68,686 | – | – | 2.08 | 4,959 | 4.71 |
| GreenSquareAccord Limited | 75,000 | 75,000 | 1,850 | 11,077 | 98,226 | – | 1.23 | 3,365 | 1.82 |
| Hightown Housing Association | 50,000 | 50,000 | 1,492 | 19,861 | 45,001 | – | 1.11 | 2,615 | 1.75 |
| Leeds Federated Housing Association* | 30,000 | 20,000 | 692 | 460 | 37,310 | – | 1.58 | 1,488 | 2.15 |
| Mosscare St Vincent’s Housing Group Limited | 40,000 | 40,000 | 1,384 | 5,371 | 61,052 | – | 1.39 | 2,651 | 1.92 |
| Newport City Homes | 25,000 | 25,000 | 731 | 33,577 | – | – | 1.22 | 2,292 | 3.14 |
| Ongo Homes Limited | 50,000 | 50,000 | 1,461 | 71,160 | – | – | 1.29 | 5,252 | 3.60 |
| 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 | 75,660 | 134,925 | 72 | 1.01 | 9,202 | 1.48 |
| Regenda Limited | 50,000 | 50,000 | 1,611 | 8,448 | 65,851 | – | 1.25 | 3,044 | 1.89 |
| Rooftop Housing Group Limited | 50,000 | 50,000 | 1,461 | 6,638 | 60,891 | – | 1.14 | 2,570 | 1.76 |
| Silva Homes | 25,000 | 25,000 | 865 | 39,730 | 7,830 | – | 1.71 | 2,348 | 2.72 |
| Taff Housing** | 25,000 | 15,000 | 526 | – | 30,985 | – | 1.72 | 1,188 | 2.26 |
| Teign Housing | 33,000 | 33,000 | 964 | – | 79,136 | – | 2.00 | 2,588 | 2.68 |
| The Community Housing Group | 35,000 | 35,000 | 1,211 | 283 | 47,849 | – | 1.15 | 2,001 | 1.65 |
| Torus62 Limited | 100,000 | 100,000 | 2,922 | 119,712 | – | – | 1.09 | 10,376 | 3.55 |
| Trent & Dove Housing Limited | 55,000 | 55,000 | 951 | – | – | 58,006 | n/a | – | n/a |
| 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 | 5,070 | 50,280 | – | 1.33 | 3,415 | 3.34 |
| 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 | 142,180 | – | 1.12 | 7,129 | 1.93 |
| Walsall Housing Group | 75,000 | 75,000 | 2,192 | 92,154 | – | – | 1.12 | 6,240 | 2.85 |
| Worthing Homes Limited** | 40,000 | 25,000 | 877 | 22,334 | 25,065 | – | 1.65 | 1,999 | 2.28 |
* Vivid Housing Limited’s £100m loan is undrawn and has an availability period to 30 March 2024; Leeds Federated’s additional £10m is undrawn.
** Worthing’s £25m loan will be drawn on 26 October 2023; 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.