Scottish social housing landlord and support organisation Link Group said it has secured a new £70 million funding package with Bank of Scotland.
“The agreement, which includes an existing £10.7m loan, puts in place a five-year Revolving Credit Facility (RCF) of £60m, providing flexibility and liquidity to Link Group to support its on-going development programme for the next five years,” said Link Group.
Link Group Financial Director Nick Pollard said: “Now more than ever, it is vital organisations like Link work with our partners in the financial sector to secure prudent funding streams.
“The new RCF borrowing is linked to Sustainability Loan terms and therefore contributes to our sustainability objectives whilst generating a discount on the margins applied to the borrowing if we meet our Sustainability Performance Targets in agreed areas.
“This agreement with Bank of Scotland has also brought some changes in financial covenants and relaxation of other loan terms which supported Link’s wider objectives.”
Melanie Russell, relationship director for social housing at Bank of Scotland, said: “Associations like Link Group play an important part in ensuring the country has quality, sustainable social housing for generations to come.
“We’re pleased to be able to support them by providing this funding, as it will also help Link achieve its sustainability objectives over the next five years.”