Genesis Housing Group Secures Loan Deal With Lloyds TSB

Fri, 13 Jun 2008

Genesis Housing Group, one of Britain’s largest social housing providers, has secured £60m worth of funding from Lloyds TSB Corporate Markets to help carry out their overall development programme.

The Genesis Group said the loan from Lloyds TSB will be used to address affordable housing needs in London, which includes plans for 91 affordable new homes and also start-up business units at the Thomas Road site.

The loan deal between the two businesses was sealed by Brendan Whitworth, Relationship Director at Lloyds TSB Corporate Markets .

The Thomas Road project, set to be completed next summer, will be a high-density, mixed-use canalside complex and will maximise the potential of a post-industrial brownfield site to create a landmark development which would act as a catalyst for the regeneration of the area.

Genesis said it the project will provide a 50:50 private to social housing mix with an 80/20 per cent split between affordable rented and intermediate shared equity homes .

"Genesis Housing Group has a vital role to play in delivering quality housing developments that strategically address the broadest needs of the residential market" said Mr Whitworth.

"We are delighted to be supporting such an organisation, especially in what is perceived as economically uncertain times and are keen to help housing associations like Genesis manage their existing business plans and develop their full potential for the future."

Paul McCurry, Head of Corporate Finance at Genesis Housing Group, added: "Genesis is very encouraged that Lloyds TSB continues to support the Group's strategy in such a positive way, demonstrating third party confidence in the robustness of our business model ."
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