Nationwide provides new loan facility for registered social landlord

Nationwide Commercial has increased its loan facilities for Cymdeithas Tai Eryri, a charitable housing association and registered social landlord based in North Wales.

Completed on 26 January 2010, by the Nationwide Housing Finance team in Northampton, the new £5 million borrowing facility will allow Cymdeithas Tai Eryri to develop new affordable homes in Anglesey and Gwynedd, North Wales.

Cymdeithas Tai Eryri has successfully operated for over 30 years and works closely with Local Authorities within North West Wales, mainly Gwynedd, Bangor and Anglesey, to provide family and supported housing to meet the demands of the local communities.

Bryce Glover, Nationwide Commercial's Divisional Director said: "Nationwide and Cymdeithas Tai Eryri have a long standing relationship, working together for 18 years.  We are delighted we can support them in their plans to develop and provide affordable housing in the North Wales region.  This deal strengthens the relationship between Nationwide and Cymdeithas Tai Eryri and demonstrates the Society's commitment to lending in this sector."

Nationwide Commercial is committed to lending money to a variety of RSLs (Registered Social Landlords) including small traditional housing associations, group structures and LSVTs (Large Scale Voluntary Transfers).

Ned Michael, Cymdeithas Tai Eryri Resources Director, said: "We are delighted to continue our relationship with Nationwide by taking a further loan facility of £5 million.  The new deal will enable us to continue to develop affordable housing to those that need it in the North Wales region.  The team at Nationwide clearly understand the specialist area in which we operate and the whole process from making the initial approach to completion of the facility and securing the first drawdown was quick and stress free."