Ongo secures £25million for future development schemes

Ongo has recently secured £25million to be able to deliver their ambitious development programme.

The Housing Finance Corporation (THFC) announced the lending of an additional £25 million of facilities to Ongo Homes through bLEND, bringing its total commitment to an impressive £75 million. This significant funding infusion will empower Ongo to accelerate their mission of providing much needed affordable housing.

bLEND, a financial aggregator specialising in bond finance for housing associations, has maintained a strong relationship with Ongo. In 2021, they initially lent £50 million to support Ongo’s development initiatives. Now, with this additional £25 million, Ongo gains the necessary liquidity to commit to future development schemes and expand its housing portfolio.

Ashley Harrison, Director of Resources and Commercial Services at Ongo, said: “Having identified the need for additional, flexible funding facilities to underpin Ongo’s continuing development plans and aspirations, the product that bLEND offered met our requirements perfectly. Working with a current and trusted partner has been a pleasure, and the process to achieve this additional facility has been smooth and swift.”

Alex Bowden, Relationship Manager at THFC, who facilitated the deal, emphasized the shared commitment: “We are pleased to extend our support to Ongo Homes through this additional £25 million of facilities. Ongo’s efforts in developing critical affordable housing align perfectly with our mission. This funding enables them to continue making a positive impact in the communities they serve.”

Find out more about the latest developments Ongo is working on by visiting the website