International law firm Trowers & Hamlins has advised Coastline Housing on a new £25 million revolving credit facility provided by Lloyds Bank plc.
Based in Cornwall, Coastline Housing is an independent charitable housing association which owns and manages 5,000 homes in the area.
Trowers advised on the loan and security documentation for the facility, working to a tight timetable to meet Coastline’s March board approval process and achieve completion by 31 March. The team reviewed, negotiated and reported on all key finance documents to ensure the transaction progressed efficiently within the required timeframe.
The new revolving credit facility will support Coastline’s ongoing development programme as it continues to deliver new homes in Cornwall. With housing demand remaining high across the UK and particularly in Cornwall, the additional £25 million funding will help Coastline make further progress in addressing the housing shortage for local communities.
Jasna Djurisic, Managing Associate at Trowers & Hamlins, commented:
"We are delighted to have supported Coastline Housing on this important new financing. This revolving credit facility provides valuable flexibility to support their development plans at a time when the need for affordable housing in Cornwall is so important. It has been a pleasure to work with the Coastline team once again to achieve a smooth and timely completion."
Nathan Mallows, Director of Development, Partnerships and Growth at Coastline Housing, said:
"Jasna’s work with Coastline now spans eight years and the partnership between Coastline and Trowers has enabled fantastic quality advice that combines assurance to our Board and commercial insight on finance documentation. The speed and efficiency that she and the team deliver in working with chosen finance providers has been an integral feature of how we have continued to be a significant deliverer of new social housing for Cornwall.
Added to all of this is that she is a delight to work with and always makes the time to understand the organisation and person she is advising."
The Trowers team included Partner Eleanor James, Managing Associate Jasna Djurisic and Trainee Solicitor Arttu Savijarvi.
