A new borrowing experience

Kate Henderson - Chief Executive, National Housing Federation


The Federation welcomes MORhomes mission to support the provision of social and affordable housing in the UK as a central borrowing vehicle for not for profit, registered social housing providers. We believe it has the potential to bring material benefits to the housing associations involved and lead to much-needed homes being developed.

Gloria Yang - Finance Director, Origin Housing


We are very pleased to raise new funds through the sector lending vehicle, MORhomes. The process is thoroughly efficient, enabling us to capitalise on the market movement, with flexibility around security. The funds will support our development pipeline to deliver much needed affordable housing in our local communities.

Anne Costain - Executive Director of Resources, Thrive


At Thrive we are committed to delivering more homes in our area of operation and this funding through MORhomes helps us achieve that aim. Many thanks to the MORhomes team for delivering this in the current challenging market. I feel that in the current climate the price negotiated by MORhomes is value for money for Thrive.

Peter Crockett - Deputy Chief Executive, Melin Homes


Whilst these are challenging times for the country, the team at MORhomes have worked diligently to ensure that funding remains readily available when required, which will ensure that services can continue to be provided and much needed homes can be built. It was a pleasure to work alongside Thrive to achieve a deal that worked for both parties against the backdrop of a continually moving market. This is our second drawdown from MORhomes and shows the benefit of having the Standby Liquidity Agreement in place where we achieved a very competitive all in strike price that will now give a greater degree of certainty of costs over the coming months ahead. Once again the process was made simple due to the expertise of the team and its advisors.

Sue Bate - Executive Director of Finance, Wandle Housing Association


We were very impressed with how quickly and efficiently the MORhomes team completed this deal. It enabled Wandle to take advantage of low interest rates and we particularly valued the minimal business covenants and restrictions.

The credit process was quick and transparent and MORhomes’ standard documentation added to the speed and efficiency of the process which lasted just four weeks from Board approval to confirmation of funds.

As one of the initial investors in MORhomes we are delighted to be the first "tap" borrower and secure funding at rates which will help deliver our Long Term Financial Plan. Ultimately this will enable us to build more homes and improve the services we can provide to our residents.

Philippa Butler - Finance Director, North Devon Homes (NDH)


Our Board was keen to progress with MORhomes as a funding option due to its flexibility and responsiveness and we are very pleased with the outcome. The credit and documentation process was straightforward and only took six weeks to complete from our initial expression of interest.

Once our Board had formally approved the commitment to borrow, it took just two working days to secure the funding with MORhomes who were keen to secure a good rate in a volatile market.

Overall the time and resources required from us were far less than for any previous funding exercise we have been involved in. The MORhomes funding was an attractive option due to the flexibility of the security arrangements and not being restricted by financial covenants.

There was excellent collaboration from all involved and the MORhomes team proved their skill and efficiency in delivering the funding within our agreed targets. This is a great outcome for NDH, allowing us to continue and develop our plans to invest in services and bring forward more affordable homes across North Devon.

Jitinder Takha - Chief Executive Officer, Local Space Ltd


Housing Associations are expected to ensure appropriate levels of liquidity under the Regulatory Standards. This is even more important in the current uncertain financial situation surrounding Brexit. The MORhomes aggregator vehicle has provided Local Space with quick and flexible access to the public bond market on less onerous terms than would otherwise have been possible. For example, the option to delay putting up security is enormously valuable to a small organisation such as ours where there are generally fewer resources. MORhomes provides a line of funding that meets our needs as is an initiative established by professionals who understand the housing sector and its challenges.

Gareth Yeoman-Evans - Director of Finance and IT, Hafod Resources


We’re delighted to be part of MORhomes’ inaugural bond issue. This new funding improves our ability to manage liquidity risks going forward and puts us in a strong financial position to deliver our strategic plan.

The application and credit process was transparent and efficient. Furthermore, the structure of the transaction provides significant benefits to us including flexibility on types of security offered and no onerous corporate financial covenants.

We look forward to working with MORhomes and colleagues from across the sector to ensure much needed finance is secured for the sector.

Bruce Shelmerdine - Finance Director, MHS Homes (Heart of Medway)


Working with MORhomes was a pleasure. The information required is straightforward and easy to pull together, and we got an answer quickly

Chris Benn - Group Finance Director, ASTER


As a forward-thinking housing association with a diversified funding mix, it’s important for us to be part of the MORhomes initiative. The structure is flexible and efficient, particularly in regard to our shared ownership assets, which are an increasingly intrinsic part of our strategy and portfolio.

As a member, it also means that when required, we’ll be able to access the markets quickly to support our development programme and ongoing business needs. We’re confident MORhomes will continue to benefit its members, as well as other housing associations in time, allowing investors to deploy their capital in our sector and helping to finance the thousands of new affordable homes that Britain needs.

Robert Young - Finance and IT Director, SYHA


SYHA is delighted to participate in MORHomes’ first issue. Its structure will help achieve the financing and refinancing plans we have for our business. The aspects which are of particular help are having an annual credit limit set in advance, the ability to access markets quickly in the future, and to put security in place after drawdown of funds