Manchester-based HS Property Group has agreed the loan facility with Together to fund its pipeline of social housing projects around the UK.
HSPG was founded by Guy Horne and David Searle in 2014 and has to date invested £100m in the social housing sector. The finance from Together will enable the group to buy, refurbish and lease supported housing throughout the UK.
HSPG focus on developing investment property let to social housing organisations. The company works closely with Manchester City Council and manages over 200 units of temporary accommodation, housing homeless families.
Horne, CEO of HSPG, described Together, which has its headquarters in Cheadle, as the property group’s “ideal partner”, with the latest funding marking the beginning of a long-standing relationship between the two companies.
The first project to be funded by the specialist lender will be a redevelopment in Sunderland to create a block of 43 self-contained flats which will act as a refuge for abuse victims.
Horne explained: “Domestic violence is sadly an issue throughout the country, and, therefore investing in areas where we can achieve the most social good is the best way to deal with this growing problem.”
He added: “This is just the first of many projects we will be embarking upon with Together’s backing and the £30m facility will increase our ability to provide much needed supported housing across the country. The project will run smoothly thanks to them.”
Robert Goodall, head of specialist lending at Together, said: “With aligned business and ethical focuses, we are excited about driving the facility forward and moving onto the next supported housing acquisition with HSPG.”