Ongo secures £25million for future development schemes

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

Share this news story:

Other News

17-07-2024
Reuseabox Makes It Easier for Businesses to Track the Environmental Impact of Their Packaging

Reuseabox, a leading B Corp certified circular economy packaging company that helps businesses reuse cardboard boxes, has rec...

Read More
17-07-2024
Ongo unveils plans to build hundreds more homes in West Lindsey

Ongo is continuing with ambitious development plans in the West Lindsey District, aimed at enhancing the local community and ...

Read More

Join our ever-growing membership base

Become a member
Our Patrons