St Arthur Homes who offer a range of pre-owned properties, has secured further funding from Reliance Bank to purchase a further 24 apartments in the Southampton area (Chapel Riverside)...
Editorial Team | 27th January, 2021
Reliance Bank and St Arthur Homes have been helping people own a share of their own home via Shared Ownership. Shared Ownership is an affordable home ownership scheme which makes it easier for buyers to get on the property ladder. Shared Ownership helps first time buyers to secure their new home as it can reduce the deposit amount required.
Solution
Reliance Bank provided a commercial loan to St Arthur Homes who are a Registered Provider of affordable housing, under the governance of the Regulator of Social Housing (RSH).
St Arthur Homes specialises in high quality Shared Ownership homes and wanted to acquire more properties to add to their Shared Ownership portfolio in the south of England from outer London all the way down to Southampton.
St Arthur Homes already had a range of pre-owned properties, so Reliance Bank helped them release cash to grow their portfolio, securing a further 24 apartments in the Southampton area assisting in their ambition to grow its portfolio to 2,000 homes within the next five years.
Impact
The new apartments have made it easier for first time buyers to get on the property ladder, that may not have ordinarily been able to do so on the open market. These new Shared Ownership properties have helped people to own a share of their own home and they can staircase to full ownership overtime.
Richard Cohen – CEO of St Arthur Homes said: “We have been delighted with the approach Reliance took to working alongside St Arthur Homes. All the way through they have been diligent and fully understanding of the processes of working in the shared ownership market. We consider our ongoing relationship with Reliance to be a very strong and successful one.”
Helping good people do great things with money
Reliance Bank has been at the forefront of socially responsible banking since 1890, when we were formed by William Booth the founder of The Salvation Army. Reliance Bank are proud of its shareholder The Salvation Army International, who help people whose lives have been affected by emergencies, disasters, poverty, and social inequality.
The power to change lives
Reliance Bank don’t see money as an end in itself. But we do know that money has the power to change lives. In the right hands, it can be a force for good. That’s why Reliance Bank prioritise business lending to organisations delivering positive social impact in the UK. Over the years we’ve worked with social impact businesses of all shapes and sizes. From them we have learnt to put compassionate customer service at the heart of what we do.
To find out more about Reliance Bank visit: www.reliancebankltd.com
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