Trowers & Hamlins has advised bLEND Funding Plc on £25 million additional facilities to Ongo Homes Limited.
Trowers advised bLEND Funding Plc on the banking and finance aspects of an extension of £25 million in additional facilities to Ongo Homes Limited, bringing total commitments to £75 million. bLEND originally lent £50 million to Ongo Homes in 2021.
The additional £25 million loan will provide Ongo Homes with the necessary liquidity to pursue future development schemes and expand its housing portfolio. A notable feature of this arrangement is the flexibility it affords Ongo, enabling the association to access lending via the capital markets at a later date.
The Trowers team consisted of Lara Marsden (Associate), Jasna Djurisic (Managing Associate) and Imogen Fisher (Partner).
Lara commented:
"We are pleased to have advised bLEND Funding Plc on this transaction, enabling the provision of additional funds to Ongo Homes. This lending will play a key role in advancing Ongo's ability to provide affordable housing."
