Finance

Our funding comes from rent and service charges as well as income from investments. To finance new schemes we use a mixture of government grants, loan funding and our own reserves. We have a strong asset base, and good liquidity and gearing ratios. Our properties were revalued by DTZ Pieda in 2002/3.

The income from our rents is used to manage and maintain our housing to a high standard and to repay loans.

Grant funding is limited so other private finance alternatives are needed to meet current housing need. Our lenders include Bank of Scotland, Barclays Bank and Nationwide Building Society. We have arranged long-term finance with Nationwide to meet developments planned over the next three years. Loans are secure on completed developments.

Our social housing rents are set in accordance with our rent plan. The aim of this is to ensure that our rents are comparable with other housing association rents for similar properties in similar areas. We are now at or very close to target rents in most areas.

Greenoak also provides accommodation without grant funding which is let at sub market rents. This enables us to house people whose needs are unlikely to be met through the limited stock of social housing.