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A Manchester-based association has taken out a £40m loan through funding aggregator Blend, partly to deliver more supported housing.

Mosscare St Vincent’s will use the loan to develop 400 additional homes (picture: Getty)

Mosscare St Vincent’s will use the loan to develop 400 additional homes (picture: Getty)

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A Manchester-based association has taken out a £40m loan through funding aggregator Blend, partly to deliver more supported housing #UKhousing #SocialHousingFinance


Mosscare St Vincent’s (MSV), which operates around 9,000 homes, has secured the 26-year loan after a tap by Blend of its 2047 bond. The tap was priced at an all-in rate of 2.35 per cent, at a spread of 113 basis points (bps) over gilts. Eleven investors participated in the issuance.

Helen Rourke, executive director of finance at MSV, said the loan would be used to develop 400 extra new homes across across the North West, in addition to the 1,200 it already has planned.

This will include “more supported housing” along with homes for social and affordable rent, she added.



Blend, which is owned by bond aggregator The Housing Finance Company (THFC), has now issued a total of £955m of funds since its launch in 2018. A total of £565m has been issued in the current financial year across 13 transactions.

The firm said it “continues to have a strong pipeline of future deals”.

THFC has a long-standing relationship with MSV, after the aggregator first signed a loan to the association 30 years ago.

Piers Williamson, chief executive of Blend, said: “MSV are still the community-based association they were then, an exemplary case of the impact housing associations make. But they have grown too, and today’s new funding will help them further expand and improve their services.”

Last November, MSV had its G1/V1 rating with the regulator affirmed after a stability check.

The landlord is one of 10 Greater Manchester associations that formed a joint venture in 2019 to deliver more housing in the region.

In its last full-year report, to March 2020, MSV recorded a surplus of £4.3m off a turnover of £45.8m.

Trowers & Hamlins were legal advisors on the bond issuance.

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