Casa by Moda have announced they have secured a debt facility commitment from the leading UK bank.
Housing across the UK has continued to make national headlines and once again it has been pulled into the limelight. However, this time it is for the better.
Casa by Moda, a single-family homes (SFH) developer and operator, announced at the beginning of the week that they have obtained an initial £60m debt facility from NatWest – with the ability to rise to £150m – allowing it to accelerate the delivery of affordable properties for single parent households.
This commitment will support the delivery of over 1,100 new rental homes.
News of the properties will have been welcomed with open arms. Since the cost-of-living crisis hit, single parents have been seriously struggling. Research revealed by Gingerbread earlier in the year found 40% of single families were experiencing moderate or severe food insecurity and 49% were cutting back or going without food to cope with rising costs.
In a bid to help single families save money, Casa by Moda neighbourhoods offer deposit-free living with the option for long-term leases of up to three years. In addition to being affordable, homes are also sustainable. The development organisation also embeds ESG principles into the design to ensure properties are energy efficient – a housing quality that may become hard to come by following recent government announcements.
Following this, the company has also partnered with Utopi, a proptech organisation, to install small environmental sensors into its homes. The MyCasa app lets residents monitor everything from room temperature to air quality and light pollution with its real time data.
Johnny Caddick, chief executive of Moda Living, said: ‘This new funding package from NatWest is a major milestone in Casa by Moda’s growth trajectory. This year we will welcome our first residents into our neighbourhoods in both Glasgow and Leeds, but we’re also gearing up our programme of delivery which will see us achieve our aim of securing more than 5,000 new homes by 2025.
‘As a team we are passionate about delivering a best-in-class experience that puts service, technology, wellbeing, and sustainability at the very forefront of our offer. At the same time, we are committed to creating people focused, well-connected neighbourhoods in the suburbs of the UK’s major cities, that fit in seamlessly, and actively enhance their surrounding communities.
‘Looking forward, we have ambitious plans and are actively seeking new opportunities and partners across the UK; from housebuilders to local authorities and landowners, to deliver the new high quality, well managed suburban rental homes that are needed to match the growth in demand.’
Image: Casa by Moda
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