The following Banking & Finance practice note Produced in partnership with Neil Waller of Trowers & Hamlins provides comprehensive and up to date legal information covering:
This Practice Note explains the key bond issue, private placement and loan facilities deal structures used in social housing finance.
For more information on social housing finance transactions, see Practice Notes:
Social housing entities entering into finance transactions, and
The key financing terms in social housing finance
Most social housing finance is provided as general corporate funding rather than funding for a particular project or development.
Most financing is secured on social housing assets, but this is not always the case. In recent years, there have been a number of transactions where unsecured debt has been raised.
The key features which differentiate credit facilities for Registered Providers (RPs) from similar facilities to other corporate borrowers are as examined below:
Most facilities for RPs are given for general corporate purposes and can be used by the RP borrowers for any purpose which is permitted by their constitutional documents and the regulatory framework.
RPs typically charge a portfolio of properties which stand as security for all facilities made available under the relevant agreement. There is typically no link at all between the security provided by RP borrowers and the purpose for which the facilities are raised. In fact, typically, RPs will charge properties which they already own for the purpose of raising finance to purchase and/or develop further properties which, in
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This Practice Note provides guidance on claims for ‘use and occupation’ or mesne profits, and how and when double rent or double value can be claimed.Claims for use and occupationA claim for use and occupation is possible where there is occupation of land without an express agreement fixing the
Coronavirus (COVID-19): During the current pandemic, legislation and changes to practice and procedure in the courts and tribunals have been introduced, which affect the following:•proceedings for possession•forfeiture of business leases on the grounds of non-payment of rent•a landlord's right to
Overlapping insurance policesThere are various reasons why an insured may end up with overlapping insurance cover, whether deliberately or otherwise.Examples include the situation where the insured takes the benefit of other insurance arranged by another party or where, in the commercial world, risk
A declaratory judgment is a judgment identifying the rights, duties or obligations of one or more parties in a dispute. It is legally binding, but does not order any action by a party. A court may issue it alone or in conjunction with some other relief such as an injunction and can be granted on an
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