Clydesdale and Yorkshire Banks strengthen support for social housing sector

19th June 2015

Clydesdale and Yorkshire Banks have enhanced their support for the UK social housing sector with the creation of a new specialist team.

The team will reinforce and expand the Banks’ presence in the sector and will be led by its newly-appointed Head of Social Housing, Elaine Reed, who joins from Cooperative Bank.

The Banks’ support will range across the sector with the objective being to grow business both amongst small registered providers as well as larger operators with more substantial borrowing requirements.

Elaine Reed, Head of Social Housing, said: “The decision to form a specialist team is clear evidence of the extent of Clydesdale and Yorkshire Bank’s commitment to social housing which we view as a key business sector.

“Our aim in the coming months is to grow our presence further and establish a managed portfolio based on sustainable lending, developing relationships with strong covenant borrowers.

“In addition to continuing to support our existing customers, we have identified a number of exciting opportunities within the market and we’re already seeing a strong pipeline of new business.

“Prime examples are the £50m facility we have just concluded to support Network Housing Group, one of the largest housing associations in London and the South East and a £3m extension to a longstanding customer, Milnbank Housing Association.”

Elaine Reed has more than 30 years’ experience in the social housing sector having begun her career at the Housing Corporation managing a team responsible for allocating and monitoring take-up of social housing grants.

She subsequently moved into the banking sector, joining Bradford and Bingley and Nationwide social housing teams.

Prior to her new role with Clydesdale and Yorkshire Banks, Elaine led the social housing team at Cooperative Bank, managing assets of £850m.