More affordable homes are on the horizon for ethnic minority communities in Birmingham after a local housing association received a boost in the shape of a £15m loan from Lloyds TSB Corporate.
Following the deal, the Ashram Housing Association, a subsidiary of the Accord Housing Group, is now set to increase its citywide portfolio of homes to more than 500.
As well as financing the construction of new properties, the cash will also be used to help Ashram complete the refinancing of its existing debts as part of a project to solidify its financial position.
Jas Bains, director of the Ashram Housing Association, says: “This deal with Lloyds TSB Corporate will allow Ashram to become an even more sustainable and financially vibrant organisation with the capacity to meet our strategic growth objectives.”
Lakhbir Jaspal, director of resources at Accord Housing Group, adds: “Lloyds TSB Corporate really pulled out all the stops to get what turned out to be a complicated deal completed to everyone's satisfaction. This deal and the development opportunities it offers are a massive step forward for the business.”
Paul French, senior manager at Lloyds TSB Corporate Public and Community Sector, says: “We've enjoyed working with Ashram for many years and this latest move should play a key role in securing its financial future.”