Elim secures £13.0m loan deal with MORhomes

Elim have recently finalised a new finance deal with MORhomes as we continue our focus on the growth of our services and the investment of existing homes.

Elim secured a £13 million loan with Morhomes, a housing association bond aggregator owned by 68 housing associations, who offer a unique and innovative borrowing vehicle for the UK social housing sector. The loan will enable Elim to invest in new affordable homes and continue to grow its support services, furthering its commitment to providing high-quality, affordable housing to communities across the South West of England and Wales.

 Paul Smith, CEO of Elim Housing said: “Elim’s loan with Morhomes is critically important in securing the future plans of the organisation. We have been incredibly impressed with the process and the ability of Morhomes to respond to our needs in a challenging time for the sector. Elim has ambitious plans to grow, rationalise our geography and to improve our existing homes, and this relationship with Morhomes helps move those plans forward.”

Andrew Morton, Chief Executive Officer of MORhomes, said: “Markets continue to offer opportunities for borrowers who are able to move at pace.  MORhomes’ unique model of quick and efficient access to the markets is ideally suited to this, with MORhomes’ Standby Liquidity Agreement enabling potential borrowers to price with minimal notice without having to commit to borrowing prior to giving notice.  We are delighted to have been able to execute this deal for Elim once again within 48 hours of receiving the mandate, achieving another record low spread in the process.”