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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 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


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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


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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?


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Capital Markets

Investor appetite

Reduced spreads

Government issuance

HRA self- financing

Is there any money out there? (2)


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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


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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 ?


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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


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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