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Housing Associations (HAs) often sell themselves short. Judged by institutional investors (UK and European pension funds and life companies) HAs are more often than not viewed today as a better credit risk than the banks that have provided a significant proportion of their debt.
If you have been ‘stay-cationing’ this summer you may well have listened to the UK small business lobby bemoaning the continued lack of credit being extended to small businesses and the brutal terms attached to what credit is advanced. You may also have heard that the capital markets have been a bright ray of hope in amongst the gloom. Well the ray of hope is getting brighter as we enter the traditional financing season and, despite the likely poor news on rents from next April, there are a number of positives to report which show Housing Associations well placed to lead the house-building market through this part of the economic cycle. So what’s the good news?
Having just completed another nightmare charging transaction with a lender (not THFC) demanding more and more information, borrower confirmations and third party sign offs before accepting properties into charge I have been compelled to write to express my personal opinion on this topic.
Continue reading Lenders Put Loan Security under the Microscope
Until recently I thought things might just have been showing signs of improvement in the banking market. RBS & Lloyds have been required as a condition of access to the Government’s Asset Protection Scheme to exhibit economic nationalism by committing to lend somewhere in the region of £39Bn to ‘UK plc’ in the next 12 months. The recent mantra of Social Housing bankers has been ‘open for business’.
Continue reading Banks: just when you thought it was safe to go back in the water (II)…
Oh the halcyon days of Relationship management!
“Rates and ratings you can rely on. The Money Market Account”: Social Housing Advert November 2007 (10 months later: Bank purchased by a.n. other)
How do the credit crunch and the downturn in the real economy affect smaller associations? Can we survive? How are we likely to be affected? How are our tenants and staff affected? Are there any positives we can take out of this situation?
Continue reading Surviving the credit lock-down as a smaller housing association
If you are hellbent on expansion, read on. If not, then it might be safer to stay in the bunker with your helmet on…
The phrase of the moment is credit crunch. But what does it really mean when you are in the middle of trying to put together a property deal? Simply, all parties have more hoops to jump through in order to get to the deal done. Despite what the papers say, doing deals is still possible!
Continue reading The credit crunch bunch – saving property deals!
We are currently living and working through what has escalated to a fundamental readjustment of the world financial system – a shifting of the tectonic plates not seen since the 1930s. What should we make of it and what will the enduring impact be on the world of social housing?
As a child of the 60s I hope readers will understand the temptation for the analogy between Apollo 13 and the current state of the UK economy.
Continue reading UK Economy: when will it be time to re-start the engines?
Jonathan Pryor leads Smith & Williamson’s RSL Audit practice and is a member of the SORP working party. Thinking ahead on how today’s emerging issues may crystallize in RSL accounts we asked Jonathan to explain the potential issues in plain English!
Continue reading Under Water! The need for impairment provisions?
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