When it came to financing, RediResi turned to NatWest to structure the facility to meet its bespoke requirements – which included both funding the acquisition of the vacant properties followed by stage drawdowns to fund the various stages of the property refurbishment.
This was an innovative financing transaction in a nascent market. Not only did it provide RediResi with flexibility and certainty that funds were available, but the loan also acted as a bridge to introducing longer-term capital into the Irish Social Housing sector – and offered a new opportunity to pension and insurer-type funders to invest in a sector with real social impact.
“RediResi is committed to being part of the solution to the housing crisis in Ireland. The financing facility provided by NatWest and Alvarium is unique and creative as it allows RediResi the flexibility to acquire, refurbish and rent stabilise on a long-term lease. Above all, the timing of the facility could not be more appropriate.
“We’re really impressed with the way NatWest worked across the organisation to find a solution to meet our needs. The team actually visited the properties for ‘proof of concept’, to truly understand our requirements and support us in achieving confidence and courage from the Irish Government that our project was sustainable for the long term, and that there was a secure funding facility in place – that’s something that’s never happened before in the market, as we understand, and we couldn’t have done it without the support from NatWest.”
- Anuj Gupta, RediResi.
“NatWest was delighted to provide senior debt finance to support RediResi on this highly innovative transaction and to help fund the delivery of additional social housing as part of the Government’s Rebuilding Ireland strategy. Successful delivery of the strategy will create real social impact especially following the potential impact from Covid-19.”
- Alistair Aitken, NatWest
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