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Hertfordshire Housing Conference The Availability of Funding

Hertfordshire Housing Conference The Availability of Funding . Mike Jones Director Savills (L&P) Savills Financial Consultants Tel: Mob: 07967 555 463 Tel: Dir: 01372 458922 Emails: MLJones@Savills.com 4 th April 2011. Aims of this session…. Agenda Is there any money out there?

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Hertfordshire Housing Conference The Availability of Funding

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  1. Hertfordshire Housing ConferenceThe Availability of Funding Mike Jones Director Savills (L&P) Savills Financial Consultants Tel: Mob: 07967 555 463 Tel: Dir: 01372 458922 Emails: MLJones@Savills.com 4th April 2011

  2. Aims of this session… Agenda • Is there any money out there? • Implications of short term debt • The loan portfolio of the future? • Implications of the CSR • Affordable rents

  3. Traditional Bank/Building Society Lenders 2 long term lenders (plus other smaller participants) 1 from time to time 1 5/7 year lender 1 long term with re-pricing option Interest rate margins Is there any money out there?

  4. Capital Markets Investor appetite Reduced spreads Government issuance HRA self- financing Is there any money out there? (2)

  5. Treasury/Business Planning Refinancing risk Mixed maturities Assumptions for refinance rates, costs etc Funder business plan approval More lenders? Use of security trustees Implications of short term debt

  6. Variable rate debt – banks/building societies Index linked debt – capital markets (public issues, private placements, club deals) Fixed rate debt – capital markets (public issues, private placements, club deals) Separate hedging redundant Unsecured debt The Loan Portfolio of the future ?

  7. For Grant Down to £4.4bn (£2,5bn already committed) £1.9bn at less than 20% For Registered Providers Asset management – disposals Affordable rents Fixed term tenancies For Tenants Housing benefit capped at £400 pw Universal Credit at £26,00 pa Restrictions on Job Seekers Allowance Implications of the CSR

  8. Valuation issues Effect on gearing (debt per unit) Loan to value (risk profile) What is a market rent? Political risk Business planning assumptions Re-pricing! – lender consents Affordable Rents

  9. Any Questions?................... Summary

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