Case Studies

Winckworth Sherwood provides a wide range of legal services to a diverse range of clients. Here are a selection of just some of the projects that demonstrate the expertise of our team.

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Winckworth Sherwood advised Genesis Housing on a bespoke £44.3 million loan facility with Aviva Investors Realm Social Housing Fund secured on former Assettrust shared ownership properties purchased earlier this year.

This bespoke 40-year index-linked loan marks a new approach to funding shared ownership assets, an asset which lenders have traditionally been more hesitant to lend into but which, with the correct lending structure, has huge potential to increase the borrowing power of associations.

The structure agreed between Genesis and Aviva shares many traits with a private placement loan and is built around the cashflows of the shared ownership assets rather than a traditional asset value-based loan model.

One of our client’s key concerns was to ensure flexibility in the substitution arrangements, to avoid having to reduce the principal loan following the sale of a property – particularly given that Genesis has no control over the timing of when a tenant may decide to staircase their investment in a Shared Ownership property.  After extensive negotiations, we were able to agree a substitution mechanism that will enable Genesis to manage the portfolio efficiently. We were able to convince Aviva to accede to the existing Security Trust structure in order to facilitate this flexibility.

Key facts

Client Name: Genesis Housing Association Limited
Client Sector: Social Housing

Project Progress: Completed

Core Areas: Social Housing Finance, Social Housing, Institutional Investment and Finance

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