BLENDING BORROWING AND INVESTMENTS
The Finchley Charities was able to complete the development at 22-25 Thackrah Close after a £1.5 million loan from CAF Bank.
Thanks to that loan, the project was completed successfully and shortly after was recognised with the award of Best Inclusive Development at the Inside Housing Development Awards 2018.
On the partnership with CAF Bank, Susan added: “It’s been an experience which I never expected. The project was challenging at times because of building delays, but the bank has been very supportive all along. That’s what makes a difference; they have been with us from the start.”
She added that the charity has a long history, dating since 1488, and are now looking to the future and how to continue building on that legacy.
After bringing this development to life by blending borrowing and returns from investments, they hope to grow this and continue diversifying their income.
Speaking about the charity’s plans, she said: “We are hoping that our investments will give us an alternative source of income. And if we develop other homes in the future, trustees will look at all options of funding by looking at partnerships and other funding models.
“There are risks involved with investments and many charities operate at a deficit so we have to ensure we are sustainable long term. Charities have to be more focused and more business minded when developing new homes.”
The charity manages a total of 172 flats over three sites which are supported by five sheltered housing officers (SHOs).
Designed by Hampson Williams & Kimble Architects, the newest development at Thackrah Close includes paths that are designed for wheelchair use, as well as landscaping and seating areas to enjoy the outdoors.