NUE has recycled its £6m loan fund four times, coupled with private sector leverage, investment reaches £53m
It’s been 10 years since NUE offered short term secured interest free loans across Kent in response to removing one of the barriers when it comes to bringing long term empty properties back into use – the availability of finance.
Kent County Council ploughed £6m into the loan fund which has now been recycled four times. The initial funding was defrayed by Year 5, but with many of the loans being repaid earlier than expected due to the ability to re-finance with a traditional lender on a completed project with an increased asset value, we have been able to accelerate our pace of delivery and quadruple the value of the initial investment in the following 5 years.
Private sector leverage of £28m has increased investment to over £53m.
NUE has supported 960 units in total of which 640 have been newly created thanks to the conversion of larger sized commercial properties offering residential accommodation.
This means that new Council Tax receipts are also being generated.
- Demand for loans remains high and thanks to additional funding from Dover, Folkestone & Hythe and Tunbridge Wells our loan fund has been topped up!