NEW FUNDING QUOTATIONS – APPOINTMENT OF LEGAL ADVISORS

Greatwell Homes was formed in 2007 following a large-scale voluntary transfer (LSVT) from Wellingborough Borough Council (now part of North Northamptonshire Council). At 31 March 2025 we owned and managed 5,326 properties in and around the Wellingborough area.

Greatwell sought to appoint legal advisors to support the review, negotiation and completion of loan facility documentation and security due diligence for two lenders following a recent new funding request for proposals exercise (RfP).

There are currently 3,117 properties valued at £127m existing use value, social housing allocated to Barclays through the Security Trustee arrangement with M&G. It is Greatwell Homes intention to reallocate some of this security to Natwest as there is sufficient to cover both facilities. Most of the properties in the list would have been acquired by Greatwell Homes at transfer in 2007.

In addition to the new funding exercise, Greatwell Homes also have a need for further property due diligence support for:

•An uplift of the properties allocated to The Pension Insurance Corporation (PIC) through the security trustee, from existing use value, social housing (EUV-SH) to market value subject to tenancy (MV-ST) values (1,033 properties valued at £46m securing a facility of £40m); and

•A due diligence health check on our unencumbered property portfolio with a view to aide future charging into the security trustee (971 properties)

Greatwell Homes invited quotations from interested parties to support with this work. All bidders could quote separately for either (1) the loan documentation or (2) the property security or for both exercises. Greatwell Homes would like to complete the new funding work as soon as is practically possible to have the funds available to draw therefore this work is the priority.

This RFP is provided on the same basis to all organisations.

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