Metro Bank

Metro Bank lends £15m to social housing developer

Metro Bank has provided £15m of funding to residential property specialists Caridon Group.

The group will use the funding as part of its ‘social build-to-rent’ model to convert a nine-storey office building in the centre of Harlow, Essex, into over 200 homes for social housing.

Caridon Group develops homes in both the private and social sector, as well as offering rental and management services.

The group has delivered over 2,000 homes for social housing and plans to develop a further 3,000 homes by 2020.

“Having sufficient affordable housing plays such an important role in communities up and down the UK,” said Mark Stokes, managing director of commercial banking at Metro Bank.

“Caridon’s social build-to-rent model has already made a tangible difference to so many people, and we are delighted to have been able to support the group.

“We very much look forward to helping them achieve their 2020 aims.”

Mario Carrozzo, CEO at Caridon Group, added: “We’re thrilled to have secured funding from Metro Bank, [which] was highly recommended by our debt advisers Mantra Capital.

“Metro Bank has proven to be the perfect partners for this transaction.

“Our relationship manager Demi Shiamishis and his team understood our aims and provided us with great terms. 

“We look forward to receiving more support and advice from Metro Bank in the future.”  

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