Tewkesbury-based housing association Bromford has announced a new £75m revolving credit facility with a UK bank.

The social landlord has finalised the dual target sustainability linked loan (SLL) with HSBC UK to further fund its ongoing investment in existing and new homes. The repairs-focused KPI covers all categories of repair, including cases of condensation, damp and mould.

It challenges Bromford to reduce the number of live repairs from its customers, from a 12-month average of 8,000 in March 2025, down to 7,000 by March 2028.

Paul Coates, executive director of customer transformation at Bromford, said: "We are acutely aware that there has been increased scrutiny over the performance of housing associations in responding to customers' repairs requests over the past 12 months, with an increased focus on damp and mould, where the negative impacts on health have resulted in legislation via Awaab's Law.

"We've already been focussed on reducing the number of repairs we have open, including investing around £4.5m this year investigating and resolving reports of condensation, damp and mould in our homes and finding long-term solutions to these issues. "

"But we're determined to do more and want to move to a more proactive approach to maintaining our homes that will help us to further reduce the number of active repairs we have from customers. It's a key part of our corporate strategy and so it makes perfect sense to align this latest funding deal with this goal."

Imran Mubeen, Bromford's director of treasury, said: "We are delighted to have entered into this new partnership with HSBC UK as they continue to support the social housing sector. This deal forms the foundation of a long-term relationship with HSBC UK as we press ahead with our plans to raise over £1bn of new funding by 2031."

Legal advice for the deal was provided by Devonshires Solicitors LLP, and Addleshaw Goddard LLP.

Over the past 12 months Bromford has secured more than £450m in new funding, all through its sustainable finance framework, to help finance its programme of housebuilding across the West Midlands and West of England.