Metro Bank provides property specialists with £15m to ease social housing crisis
Metro Bank has announced that it has provided residential property specialists, Caridon Group, with £15m of funding. The capital injection will be used by the group, as part of its ‘Social Build to Rent’ model, to convert a nine-storey office building in the centre of Harlow, Essex, into over 200 homes for social housing.
Founded in 2009, Caridon is a leader in the UK residential property sector. The group develops high-quality homes in both the private and social sectors, as well as offering award-winning rental and management services. It has a strong social focus, with its ‘Social Build to Rent Model’, which works with local authorities in London and the South East to provide social housing for people in challenging situations. Craidon has created over 2,000 homes for social housing and plans to develop a further 3,000 homes by 2020.
Mark Stokes, managing director commercial banking at Metro Bank said:
“Having sufficient affordable housing plays such an important role in communities up and down the UK. Caridon’s ‘Social Build to Rent Model’ has already made a tangible difference to so many people, and we are delighted to have been able to support the group. We very much look forward to helping them achieve their 2020 aims.”
Mario Carrozzo, CEO at Caridon Group said:
“We’re thrilled to have secured funding from Metro Bank who was highly-recommended by our debt advisors, Mantra Capital. Metro Bank has proven to be the perfect partners for this transaction. Our relationship manager Demi Shiamishis and his team understood our aims and provided us with great terms. We look forward to receiving more support and advice from Metro Bank in the future.”
Metro Bank offers tailored commercial banking services, a common-sense approach to lending and a range of cash management solutions. Customers are supported by a dedicated team of relationship managers, who provide expert and industry-specific guidance across the healthcare, hospitality and leisure, property, charities and not-for-profit, inward investment and financial services sectors.