Radius is the first housing association in Northern Ireland to complete a transaction with Ulster Bank under group company NatWest’s social rent loan fund.
Social rent homes provide affordable housing for people on lower incomes and are let to tenants at significantly lower than private market rates.
Eligible housing associations that are existing customers of the bank can apply for the social rent loans, which feature discounted interest margins and no arrangement fee.
NatWest has a social rent loan fund of £1bn to boost building of social rent homes across the UK.
“Investing in safe, warm, and affordable housing for families isn’t just about shelter but an important investment in the long-term well-being, education, and economic prospects of children and their parents.
Ulster Bank is playing its role in this by supporting the Northern Ireland social housing sector to build vitally needed social rental properties.”
“This funding represents an important milestone for Radius and demonstrates the value of innovative partnerships in addressing Northern Ireland’s housing need.
The discounted social loan from Ulster Bank will enable us to invest in the delivery of additional high-quality, affordable homes while ensuring we continue to maximise value for our tenants and communities.”
“This transaction demonstrates the increasingly important role that innovative funding structures play in delivering much-needed social housing across Northern Ireland. As legal advisers to Radius, we were delighted to support a transaction that not only enables further investment into affordable homes, but also contributes to stronger, more sustainable communities.
As housing needs continue to grow, we expect innovative funding solutions to play an increasingly important role in supporting housing associations to deliver new homes and create lasting social impact.”
Louise Bailey, partner at A&L Goodbody, legal advisers to Ulster Bank, added: “The transaction demonstrates how innovative financing can support the delivery of much-needed affordable homes while creating lasting social value for communities across Northern Ireland.