Secure Trust Bank Strikes £3.8m Affordable Housing Loan with V&F Homes

Comprising of 51 new-build homes spanning across Norfolk and Suffolk, the portfolio features a mixture of shared ownership and affordable housing schemes. V&F Homes, a registered provider of social housing, purchased the Section 106 properties from various small regional developers, where there was little or no demand from larger housing associations for such schemes in rural areas.

This is the second facility that STB Real Estate Finance has completed with the borrower, taking the number of properties refinanced by the bank to 85. It follows an initial loan agreed in August 2023 for the funding of a separate collection of 34 properties built to help first-time buyers get on the property ladder.

The five-year loan received drawdown quickly following approval and was facilitated thanks to an existing relationship between Matthew-Blaine Young, Head of Origination at Secure Trust Bank Real Estate Finance, and Lawrence Gill, Director at Centrus Advisors.

The deal has also strengthened the working relationship between V&F Homes and Breckland Council, following the success of previous projects centred around affordable housing.

James Heaton, Housing Growth and Enabling Officer at Breckland Council, said: “We are pleased that V&F Homes operate in Breckland and that we hold a productive working relationship with the business, alongside other registered providers, to help positively enable the delivery of affordable housing in the district.”

The loan required specialist knowledge in affordable housing and shared ownership properties. Each property had to meet certain government standards, and bespoke agreements had to be made between the housing association and the tenant. With experience in structuring tailored property loans and flexible lending, Secure Trust Bank provided a bespoke facility that enabled V&F Homes to further expand its portfolio.

Matthew said: “It was a pleasure to have worked once again with both V&F Homes and Centrus Advisors. Given our breadth of experience in this area, we knew that we would be able to play our part in supporting first-time buyers.

“The government’s recent decision to green light building on the grey belt stipulates that 50% of homes must be classed as affordable housing. We are on hand to support developers with their real estate projects and the wider movement of the government through our tailored approach to every deal we encounter.”