We're set to deliver sustainable and affordable homes following £50m Lloyds Bank support

We support around 12,000 people in 5,000 homes among communities in Broxbourne and the wider south east Hertfordshire area and are currently rated as “Silver” via the SHIFT sustainability framework (which amalgamates 15 separate ESG KPIs into one overarching score). Our aim is to enhance our SHIFT score year-on-year with the ambition of achieving a stretching SHIFT “Gold” status in 2024, and continuing to target a further numerical uplift in following years.

Finally, we aim to build at least 50 energy-efficient, affordable new build homes a year by 2028, of which 70% will be in Broxbourne to help tackle the ongoing shortage of affordable housing in our borough. The new homes will be built to EPC B specifications and above. The support from Lloyds Bank, of which we have been a customer since 2015, forms part of the lender’s own target to support the UK’s delivery of a million new social homes by 2033.

Alex Shelock, our executive director for finance, said: “In this current operating environment of high inflation and interest rates coupled with political and economic uncertainty, organisations like ours have a tough balancing act in terms of protecting financial resilience whilst delivering for our customers and communities.

“The transition towards net-zero carbon is a key strategic priority for B3Living, and this type of flexible and incentivised loan is an excellent avenue for us to stretch our ESG ambitions and deliver benefits for existing customers as well as those yet to be housed. It also strengthens a nearly decade-long partnership between Lloyds Bank and B3Living.”

Lauren Bailey, associate director of real estate and housing at Lloyds Bank, added: “The work that organisations like B3Living does is incredibly important in the UK’s efforts in tackling climate change and making our current and future housing stock fit for the future while addressing the supply challenges the residential property market currently faces. We’re proud to support them and help them achieve their ESG and housebuilding ambitions in the coming years.”

B3Living was advised by the banking team at law firm, Winckworth Sherwood.

Lucy Grimwood, social housing finance partner, and Rosanagh Herries, senior associate at Winckworth Sherwood, said: “Funding agreements with interest rates linked to sustainability targets are increasingly commonplace and can provide great opportunities for social housing providers as the sustainable finance market develops. It was a privilege to advise B3 Living on extending its funding facilities and we look forward to continuing to support them going forwards.”

Lloyds Bank was advised by Pinsent Masons.