ATRIUM Homes, a not-for-profit registered social landlord based in East Ayrshire, has secured a £6.3 million loan from The Royal Bank of Scotland, which will be used to modernise properties and improve energy efficiency.
The charity, celebrating its 25th anniversary, is using part of the loan to expand its operations by acquiring properties for re-sale on the open market. However, the majority of the funding is earmarked for Atrium Homes’ modernisation initiative. This involves the refurbishment of almost 900 pre-existing residences.
The homes have been tipped to meet or exceed EPC standards, attaining a minimum of a C rating. This means tenants will be less susceptible to uncertain and fluctuating energy bills.
As a part of the deal, Atrium Homes negotiated a revised covenant suite, allowing for more flexibility when assessing the capital investment needs for tenants’ homes in the short to medium term.
Being a not-for-profit organisation, Atrium Homes is committed to reinvesting all additional capital back into the homes it services.
Shannon Watson, chief executive at Atrium Homes, said, “We are wholeheartedly committed to not just providing a house for our users but a place they can call home, build a life, and raise a family. That is why we are so pleased to announce our latest funding deal that will make this a possibility. Being proud of your home is so important, but feeling secure and warm is even more so. We want to ensure that as many people as possible are provided with homes that are modern and fit for use.”
Alan Newlands, relationship manager at The Royal Bank of Scotland, added, “At The Royal Bank of Scotland, we have a wealth of experience when working with social housing associations and as a valued and existing customer, we know that Atrium Homes has brilliant foundations to work with. It is clear to see from every decision the business takes that their service users are at the core of everything they do. We’re proud to support their mission and see Atrium Homes move forward with their vital work.”
