Muirhouse Housing Association secures £9m loan refinance
Muirhouse Housing Association (MHA) has received loans totalling £9 million from Bank of Scotland and CAF Bank to refinance its existing facilities.
Allia C&C, acting as treasury advisors, supported the MHA management team and board throughout the whole refinance process.
MHA said the refinance will deliver significant interest savings and puts the Association in a strong position to manage the costs related to the investment programme and energy efficiency targets.
Barry Allan, interim chief executive at MHA, said: “The funding support from Bank of Scotland and CAF Bank has allowed us to refinance our existing loans and take advantage of competitive rates and importantly make savings on our finance costs. These cashflow savings will further strengthen MHA’s financial position and protects us as we continue to deliver the improvement in our homes and services that our tenants expect, maintain affordable rents and provide value for money to tenants. The Association would like to thank Bank of Scotland and CAF Bank for their support and look forward to working with them both.
“Allia C&C undertook initial work that demonstrated the savings that could be made in the current market and carried out an independent competitive funding tender to select the preferred lenders. Peter at Allia C&C provided invaluable support to the Board and I throughout the whole process, including supporting the completion of the Loan refinance.”
Peter Freer, head of Scottish office at Allia C&C, said: “We were delighted to support Muirhouse Housing Association throughout this refinance process. The Board were clear with what they wanted to achieve and was a pleasure working closely with them and Barry to be able to help them deliver these savings.”
Douglas Spowart, relationship director at Bank of Scotland, said: “We have a long-standing relationship with Muirhouse Housing Association and are pleased to be able to support the firm as it further strengthens its financial and environmental position.”
Stuart Niven, regional director (North) of CAF Bank, added: “CAF Bank exists to help charities and housing associations grow stronger. We treat their goals as our own. So it’s a real pleasure to have the opportunity to work with Muirhouse and help the next stage of their organisational growth. We value the chance to support impactful and resilient organisations with long-term financing.”