Magenta Living has secured £40 million of funding from Santander, helping us move quickly on plans to deliver more affordable homes across the Liverpool City Region.
The funding is the first part of a wider £77 million investment package that will support new homes, improvements to existing properties and innovative green initiatives.
Moving quickly to deliver new homes
Within just 10 days of securing the funding, Magenta Living agreed terms and paid a deposit on 50 new homes at Northstone's Merse development on the Wirral. The homes are expected to be ready later this year.
The purchase forms part of our long-term ambition to build 1,300 new homes by 2030. Around 70% of these homes will be delivered on the Wirral, with the remainder across the wider Liverpool City Region.
Strong confidence in Magenta Living's plans
Interest from lenders was extremely positive, with offers totalling around £300 million, more than five times the amount Magenta Living was seeking. This reflects confidence in both our organisation and the communities we serve.
Supporting our Road to 2030 vision
The funding will play an important role in helping us deliver our Road to 2030 strategy, creating more high-quality homes and investing in sustainable communities for the future.
Paul McGrady Chief Finance Officer at Magenta Living, said:
"By securing this funding now, we can move more quickly with our development programme and make the most of opportunities when they arise. That's exactly what happened with the 50 homes at Northstone's Merse development. Within 10 days of agreeing the loan, we were able to secure homes that will help meet local housing demand. We're delighted by the confidence shown in our organisation and in the Wirral. Discussions are continuing with a range of other funders as part of this year's wider £77 million funding programme."
Working together to create thriving communities
Paul Wilson Chief Executive of Northstone, said:
"We have a strong relationship with Magenta Living and are delighted they were able to complete this deal so quickly. Merse is an exciting mixed-tenure development that will provide much-needed homes for local people, and we look forward to handing over these 50 homes in the near future."
Deena Yaday Relationship Director for Social Housing at Santander Corporate and Commercial Banking, added:
"We are pleased to have supported Magenta Living with £40 million of financing, allowing the organisation to move quickly with its plans to invest in new homes. Magenta Living has a clear vision for delivering high-quality, sustainable housing, and we're proud to support its continued growth and investment in communities across the Liverpool City Region."
