Trowers & Hamlins has advised Greatwell Homes on a £70 million refinancing to support investment in existing homes and the delivery of new affordable housing across Northamptonshire.
The refinancing involved an amendment and restatement of Greatwell Homes’ existing revolving credit facility with Barclays UK Corporate Bank, together with a new £25 million term loan and ISDA agreement with NatWest, a new funder to the organisation. The NatWest facility was partly used to refinance the existing Barclays term loan, and its interest rate was fixed on drawing to provide cost certainty in the current unpredictable market.
The package comprises a £45 million revolving credit facility with Barclays, extended for a further five years, and a £25 million, 10-year fixed-rate loan from NatWest, supporting Greatwell Homes’ investment and development plans, including the flagship extra care scheme, Dappletree Court.
Trowers advised on all finance and security aspects of the transaction. Nicola Almond, Legal Director, led on the property security, ensuring the new NatWest facility was fully secured and capable of being drawn on completion. The finance work was led by Natalie Singh, Partner, supported by Robyn Asbury, Associate. Treasury advisers David Tolson Partnership and valuers JLL also supported Greatwell Homes on the refinancing.
Natalie Singh, Partner in the Banking and Finance team, commented:
"It was a pleasure working with Greatwell Homes, Barclays and NatWest to deliver a refinancing that strengthens the organisation’s financial position. The new facilities will support Greatwell Homes’ ongoing commitment to safe, modern and sustainable homes for its customers."
Julie Robinson, Executive Director at Greatwell Homes, said:
"We are delighted to secure this funding from both our long-standing partner Barclays and new funder NatWest. Alongside supporting our building programme, this investment will ensure we can continue to provide safe, well-maintained homes our customers are proud to live in."
