International law firm Trowers & Hamlins has advised Blend Funding Plc (part of The Housing Finance Corporation group) on £350 million of new loans to Vico Homes Limited, WHG and Aster Group. The facilities will support the delivery of new affordable homes and will provide Vico, WHG and Aster with flexible and affordable liquidity to help achieve their strategic plans.
Blend made available a £150 million loan to Vico Homes, the funds of which were raised as part of a £250 million tap of Blend's recent seven-year bond on 18 November 2025, with £100 million being retained for the purpose of funding future Blend drawdowns. The tap achieved a yield of 4.999%, which was a strong outcome for Vico Homes. The £150m facility is in addition to the existing £100m loan which Blend made to Vico Homes in 2020. Vico Homes is a registered provider with over 32,000 homes across the north of England.
Blend has also made available a £100 million loan to Aster, which allows Aster to draw down in multiple instalments enabling flexibility for Aster. The Aster Group owns nearly 38,000 homes. The £100 million loan to WHG is split into two £50 million tranches, with the second tranche being an optional instalment which does not incur fees unless WHG draws down. WHG granted its loan security to Blend under a security trust deed with Housing Finance Trustee Limited as security trustee, streamlining the management of the security net for both parties.
David Brigden, Senior Commercial Director at THFC, commented:
"We were delighted to partner with the specialist team at Trowers on the latest Blend transactions, benefitting from their consistently invaluable counsel. Our enduring partnership is highly valued, and together we are supporting housing providers across the nation by delivering stable, flexible funding solutions that align with their long-term objectives and reinforce the sector’s resilience."
Lara Marsden, Senior Associate at Trowers & Hamlins commented:
"We are thrilled to have supported our long-standing client, Blend, on these three financings. The total loan amount between all three borrowers is £350 million, which will help provide resilience to the housing sector by making available affordable finance, allowing Vico Homes, WHG and Aster to progress their strategic plans and build more affordable homes."
The Trowers team comprised Partner Imogen Fisher, Senior Associate Lara Marsden, Managing Associate Jasna Djurisic, and Associates Rob Woolliams and Lowri Fernyhough.
