Royal Bank of Scotland delivers £10m funding boost for Fyne Homes
Royal Bank of Scotland has granted a £10 million funding package to Argyll and Bute-based housing association Fyne Homes Limited to refinance existing loans and enable future growth plans within the business.
Headquartered in Rothesay on the Isle of Bute, Fyne Homes provides a range of housing solutions for residents in the Isle of Bute, Cowal, Mid-Argyll and Kintyre regions, currently owning and managing more than 1,600 properties.
Over the next three years, part of the funding will go towards delivering an expected 30 new homes in Mid-Argyll, Kintyre and on the Isle of Bute. More than £3m of the funding has also been earmarked to enable a major repairs programme which will include the upgrade of central heating systems and wall insulation solutions, helping properties become more energy efficient.
Colin Renfrew, chief executive officer at Fyne Homes, said: “The significant funding boost from Royal Bank of Scotland will help us upgrade hundreds of homes in our current property portfolio as well as deliver new units as we see a rise in demand across the region. We are incredibly proud of how Fyne Homes has grown since 1979, and we’re excited for the future knowing we are in a strong position financially.
“The excellent communication and support from the team at Royal Bank of Scotland has been appreciated and we look forward to continuing this relationship.”
Earlier this year NatWest Group, which Royal Bank of Scotland is a part of, announced that it will be investing £3 billion in social housing across the UK over the next three years which will be used to support the construction of 20,000 homes.
Rachel Mallarky, associate director at Royal Bank of Scotland, said: “Colin and his team deliver an invaluable service in the Argyll and Bute region and it has been rewarding to help Fyne Homes embark on a new chapter.
“It’s evident that the team are all very passionate about the business, it has been a pleasure working with them to help the association build new homes and help make existing properties more energy efficient, and we wish them the very best for the future.”