A new borrowing experience

Jitinder Takhar - 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

Peter Crockett - Deputy Chief Executive , MELIN


I am proud to be associated with MORhomes and all of those who played a part in seeing an idea come to life. MORhomes has provided both me and similarly sized HAs in the sector with access to long term funding at competitive rates. Whilst this was the inaugural issuance and this had its challenges, all participants were proud of the efforts of the whole team to persevere and get this over the line. What has been achieved is remarkable and now provides competition in the market place and will allow MORhomes to be a key player in helping both the UK and Welsh Government in meeting their challenging targets of delivering much needed affordable homes for those in greatest need.