Nationwide strengthens relationship with One Housing Group

Nationwide Commercial is continuing its long-standing relationship with the London-based One Housing Group (OHG) by completing a deal to provide the Group with £45 million of additional loan facilities.

Completed by the Nationwide Housing Finance team in Northampton, this new funding will enable OHG to continue its development programme delivering new affordable homes in the Greater London region.  In addition, the loan will allow the business to change its existing finance facilities, primarily reducing the number from four to two, in order to reflect recent changes in the Group's structure.

OHG is a leading investment partner of the Homes and Community Agency (HCA) and owns, develops and plays and integral part in regeneration projects across 26 London boroughs.  Over the past two years, OHG has provided 2,500 new affordable homes.  Flagship developments include the project to deliver around 800 affordable homes within the Kings Cross Central Project, one of the largest regeneration programmes in both the UK and Europe.

Martin Heys, Group Finance Director at One Housing Group, said:  "We are delighted to continue our relationship with Nationwide by taking a further loan facility of £45 million.  The new deal will enable us to continue to develop affordable housing across London for those that need it.  As regular supporters to the sector and having worked with them for over twenty years, the Nationwide team clearly understands the specialist area in which we operate.  The length and strength of our relationship means that we don't just consider them our lender but a trusted partner in the business.  As a result, the whole process from making the initial approach to completion of the facility and securing the first drawdown was quick and stress free."

Bryce Glover, divisional director for Nationwide Commercial, said:  "OHG is a great business, which has an extremely knowledgeable and experienced management team.  Throughout our twenty-two year relationship with OHG, we have always stressed our commitment to the business and the sector and this latest funding provides ample demonstration of that.  The coming few years will provide the Group with enormous growth and development opportunities, and we look forward to offering the support needed to turn those opportunities into a reality."

This transaction was led by Nationwide's Senior Lending Manager, Penny Steel.