Open for new investment

Launch: 2018

Blend Funding (Blend)

Overview

Blend Funding Plc (Blend), established in 2018, is a financial aggregator who provides much-needed, competitively priced bond finance to housing associations across the UK. Blend benefits from the flexibility of its £5bn MTN Euro Note programme, granting it the ability to bring different maturities into the market. Blend was assigned an A2 long-term senior secured rating with “positive” outlook from Moody’s.

Blend Funding in Numbers

£2.6Bn+

Capital Committed

36

Housing Association Borrowers

A2

(positive) - Moody's Rating

As of 31 August 2025

About Blend

Our financing supports the purchase, development, improvement and repair of affordable housing, as well as the refinancing of existing loans.

Core Principles

Blend has a clear vision; to provide competitive bond finance to the affordable housing sector, by obtaining funding from issuance under a Euro Medium Term Note (EMTN) Programme.

  • Funds are raised solely for on-lending to not-for-profit housing associations in the UK
  • Funds are on-lent on a substantially identical maturity, interest and repayment profile thus ensuring that no material mismatch risk is taken on interest rate movements
  • No currency risk in relation to its funds is taken by Blend or passed on to its borrowers
  • Loans are fully secured and covenanted in accordance with the terms of Blend’s governing Trust Deed

EMTN Programme Features

  • Sterling only
  • Range of maturities
  • Primarily fixed rate issuance but floating rate issuance will also be possible
  • Issue proceeds may only be on-lent to not-for-profit UK registered providers / housing associations (including finance subsidiaries)
  • Programme size up to £5bn

Ownership Structure

The company is a wholly owned subsidiary of The Housing Finance Holding Corporation Limited (the UKs leading affordable housing aggregator), but remains legally separate and does not receive support from the wider Group. As such The Housing Finance Holding Corporation Limited provides Blend’s staff under the terms of a Management Services Agreement with The Group’s service company, The Housing Finance Corporation Operations Limited.

Further Information

Blend will undertake measured growth by issuing multiple market size deals over time and may vary maturities to better suit both investors and borrowers. In the end, we are dedicated to ensuring much-needed affordable housing finance is delivered to suitable housing associations, while providing clear, transparent investment opportunities to prospective investors.

The list below represents the portfolio of housing association borrowers and the corresponding loan amounts that the social bonds issued by Blend Funding Plc have been allocated to, as of 30th June 2026. In addition to this, GSA’s loan was funded by a sustainability bond.

Blend’s transaction portfolio, which details the nature of all issuances to date and the housing associations on-lent to, can be viewed in the table below:

Housing AssociationNominal Blend Loan (£m)# of Units OwnedHousing Properties (£)Net Debt (£)Operating Surplus (£k)Net Interest Payable (£k)Social Housing Lettings Turnover (£k)Total Turnover (£k)Regulatory StatusYear End
Abri Group Limited (The Swaythling Housing Society Limited)*5547,512 4,190,276 1,922,847 123,116 -69,680 363,533447,407 G1/V1 March 2026
Acis Group Limited 208,608 360,815 240,185 12,802 -11,246 37,701 51,003 G1/V2 March 2026
Aster Communities10038,2172,717,5941,380,28582,337-38,043268,699337,589G1/V2/C1March 2026
Ateb Group183,402 317,562 100,400 4,112 -2,981 24,776 24,776 Green Compliant March 2026
B3 Living Limited 355,960 422,064 256,72318,687 -8,783 43,123 48,214G1/V1/C1 March 2026
Cardiff Community Housing Association 373,157 266,508 86,008 5,754 -1,912 27,291 27,813 Green Compliant March 2026
Choice Housing Ireland Limited 5013,570 1,283,003 391,960 26,080 -12,127 100,852 106,433 Meets Requirements March 2026
Cobalt Housing 255,852 197,941 266 4,509 867 34,734 36,092 G1/V2/C1 March 2026
Connect Housing Association 303,397 150,020 49,947 3,558 -1,839 21,383 23,782 G1/V2/C1 March 2026
ForHousing Limited 6019,147 456,952 189,391 12,642 -10,487 106,081 146,050 G2/V2 March 2026
GreenSquareAccord Limited7525,855 2,068,925 1,029,335 47,052 -48,300 185,318 199,876 G3/V3/C2 March 2026
Hightown Housing Association 50 9,454 1,285,298 833,26447,187 -38,392 108,921 130,977 G1/V2 March 2026
Leeds Federated Housing Association 404,537 280,287108,800 7,645 -5,804 28,806 34,097 G1/V2 March 2026
Metropolitan Housing Trust Limited 25057,533 5,540,446 2,331,037121,901 -88,695 390,379 461,373 G2/V2/C2 March 2026
Mosscare St Vincent's Housing Group Limited 408,887 494,845 229,508 12,760 -6,780 55,995 62,343 G1/V2/C1 March 2026
Ongo Homes Limited 7511,613 376,147 134,106 13,408 -6,438 68,021 76,114 G1/V1 March 2026
Orwell Housing Association Limited 184,152 290,553 136,188 7,316 -4,641 27,262 47,936 G1/V2 December 2025
Platform Housing Group 18051,366 3,746,965 1,688,578 98,789 -55,372317,839 384,611 G1/V1 March 2026
Raven Housing Trust Limited1007,165374,861217,3409,044-7,51453,07358,241G1/V2/C1March 2025
Regenda Limited 5013,020 526,259 217,729 12,065 -9,787 74,777 105,636 G1/V2/C1 March 2026
Rooftop Housing Group Limited 257,059 448,631 239,591 14,653 -10,201 48,986 57,317 G1/V2/C2 March 2026
Sovereign Network Group25079,6627,587,6003,935,300205,200-134,600617,800794,200G1/V2/C2March 2025
Sovini Limited (One Vision Housing)10014,523511,168280,03719,960-12,81583,107104,103G2/V1/C1March 2025
Taff Housing Association 251,583 138,959 52,459 2,774 -1,696 15,319 16,457 Green March 2026
Tai Hedyn Limited 2513,633 646,559259,961 19,483 -9,737 98,588 105,214 Standard March 2026
Teign Housing 333,930 187,846 69,856 6,054 -2,840 23,831 26,035 G1/V2/C2 March 2026
The Community Housing Group 355,952 284,718 187,4237,140 -8,232 38,073 44,068 G2/V2/C2 March 2026
Torus62 Limited 10041,086 1,824,174 627,644 79,254 -10,568 246,172 281,072 G1/V1/C1 March 2026
Trent & Dove Housing 556,823 295,593171,109 9,298 -6,674 40,45842,351 G1/V2 March 2026
Trust Housing Association 22 3,954 187,988 46,432 5,012 -2,462 38,569 47,040 Compliant March 2026
Valleys to Coast Housing Limited 356,154 187,647 68,181 2,838 -2,126 39,957 41,334 Green Compliant March 2025
Vico Homes Limited 25033,541 1,151,992610,936 59,735 -19,030 216,834 227,559 G1/V2/C1 March 2026
Wales and West Housing Association 11011,668 915,787 257,811 16,648 -3,948 85,537 88,470 Standard December 2025
Walsall Housing Group 17522,343 831,633 376,478 48,462 -15,494 138,395 147,359 G1/V1/C1 March 2026
West Kent Housing Association 508,841 832,338 371,928 23,907 -16,777 71,105 82,926 G1/V2 March 2026
Worthing Homes Limited 403,973 282,885 174,097 9,467 -6,759 30,884 34,237 G2/V2/C2 March 2026

*Lending to Abri Group Limited is into its both Abri Group itself and its subsidiary The Swaythling Housing Society Limited. Metrics are shown on a group basis in line with credit analysis done by Moody’s.

Borrower Compliance with the Asset Cover Test and Income Cover Test:

The following table summarises the Asset Cover Ratio and the Income Cover Ratio (each as defined below) derived from the security portfolio for each Borrower.

Housing AssociationLoan Facility Nominal Amount (£k)Aggregate Outstanding Amount of Drawn Loan (£k)Aggregate Outstanding Amount of Undrawn Loan (£k)Interest payable (£)Fixed Charge Security - Value - EUV-SH (£k)Fixed Charge Security - Value - MV-ST (£k)Cash Security (£k)Asset Cover Ratio (Max 1x)Net Annual Income (£k)Income Ratio (Min 1x)
Abri Group Limited25,00025,000-86546,1349,230-1.992,6613.08
Abri Group Limited (The Swaythling Housing Society Limited)30,00030,000 -1,72019,70030,510-1.442,2631.32
Acis Group Limited20,00020,000-1,1507,91028,800-1.562,2801.98
Aster Communities*100,000-100,000-13,700149,800--5,355-
Ateb Group18,00018,000-6236,75015,165-1.041,2492.01
B3 Living Limited35,00035,000-1,02336,4154,347-1.052,1082.06
Cardiff Community Housing Association37,00037,000-1,08141356,328-1.282,0301.88
Choice Housing Ireland50,000 50,000 -1,461 5,52563,292-1.163,6102.47
Cobalt Housing25,00025,000-7313,68838,785-1.433,430 4.69
Connect Housing Association30,00030,000 -87714,18025,300-1.131,8902.16
ForHousing Limited60,00060,000-2,10468,582--1.04 5,444 2.59
GreenSquareAccord Limited75,000 75,000 -1,85012,500107,580-1.354,2962.32
Hightown Housing Association50,00050,000-1,49218,74348,416- 1.152,9741.99
Leeds Federated Housing Association30,00030,000-1,21845047,1201,0541.321,7031.40
Metropolitan Housing Trust Limited250,000250,000-13,150120,922240,824 -1.2413,433 1.02
Mosscare St Vincent's Housing Group Limited40,00040,000-1,3846,45969,851-1.603,4742.51
Tai Hedyn Limited25,00025,000-731 37,648--1.372,5313.47
Ongo Homes Limited75,000 75,000-2,77682,82010,020-1.126,8362.46
Orwell Housing Association Limited20,00020,000-5849,63919,039 -1.231,3232.26
Platform Housing180,000 180,000 -6,22682,682134,755-1.049,4081.51
Raven Housing Trust Limited100,000-100,000------
Regenda Limited50,00050,000-1,6111,83269,743-1.202,9281.82
Rooftop Housing Group Limited50,00050,000-1,4617,73266,543 -1.253,1352.15
Sovereign Network Group*250,000-250,000-199,490117,000--12,346-
Sovini Limited (One Vision Housing)*100,000-100,000-------
Taff Housing25,000 25,000-877-33,959-1.131,4431.65
Teign Housing33,00033,000-964-89,464-2.262,892 3.00
The Community Housing Group35,00035,000-1,21171060,420 -1.462,2861.89
Torus62 Limited100,000100,000-2,922148,886--1.3610,6603.65
Trent & Dove Housing Limited55,00055,000-1,90222,76646,9151,6701.093,039 1.60
Trust Housing Association Limited22,000 22,000 -64316,39015,240 -1.252,2263.46
Valleys to Coast Housing Limited35,00035,000-1,0235,91053,900-1.443,9433.86
Vico Homes Limited (previously Wakefield and District)250,000250,000-11,3496,562249,168-1.0216,1981.44
Wales & West Housing Association110,000110,000 -3,6985,416151,404-1.16 6,9981.89
Walsall Housing Group*175,00075,000-2,1923,594 204,540-2.328,9504.08
West Kent Housing Association*50,000-50,000-------
Worthing Homes Limited40,00040,000-1,40322,81027,400-1.092,196 1.56

*Aster Communities’ £100m loan, Raven Housing Trust’s £100m loan, Sovereign Network Group’s £250m loan, Sovini Limited’s (borrower One Vision Housing) £100m loan, West Kent Housing Association’s £50m loan and Walsall Housing Group’s additional £100m are undrawn.

Notes:

(1) Asset Cover Ratio means the sum of:
(a) the Minimum Value of the Charged Properties; and
(b) the Cash Security, divided by the nominal amount of the Loan.

(2) Income Cover Ratio means the Net Annual Income of the Charged Properties divided by the annual interest payable on the Loan or, if there is a balance in the Cash Security Account, the amount of interest which would have been payable if the principal amount of the Loan was reduced by the amount of the Cash Security.

Minimum Value of EUV-SH Charged Properties – 110%
Minimum Value of MV-ST Charged Properties – 120%

For new Borrowers, or Borrowers taking additional funding, the funding is initially secured by the cash proceeds of the advance pending the charging of property security. Such cash is shown in the column entitled “Cash security £k”. Borrowers have up to 12 months to complete the charging of property security.

  • Investors share in the benefit of a floating charge over the whole of the Issuer’s undertaking, property and assets. Borrower liabilities are isolated and owed to the Issuer on a several (rather than joint) basis
  • Underlying loans have minimum security levels of 110 EUV-SH and/or 120 MVT-SH
  • Underlying loans receive enough net annual income from charged security to cover annual interest cost
  • Notes are expected to be repaid on the expected maturity date, although the terms of the Notes allow for payment deferral until a legal maturity date to ensure the relevant borrowers repay the underlying loans in time. The legal maturity date is the final date for note repayment
  • Liquidity reserve fund – 12 months of interest payments held on trust in favour of the Issuer, provided by all borrowers on all loans made by the Issuer
  • Loan interest received from borrowers 30 days ahead of bond coupon payment
  • Final loan principal payment received 8 days ahead of expected final maturity of bond

Please find the latest financial documentation available to download.

Blend Funding, established in 2018 by The Housing Finance Corporation Limited, is a housing aggregator whose purpose is to provide bond market access to suitable housing associations which typically do not have the capacity or requirement to issue benchmark-size bonds.

Blend exhibits a supportive institutional framework, liquidity reserves as a structural enhancement, and significant sector experience to mitigate start-up risk.

Moody’s has affirmed the rating and outlook for Blend Funding Plc (Blend), a fully-owned subsidiary of The Housing Finance Corporation, as A2 positive on 15 July 2026.

EMTN Programme Memorandum

Blend Bonds in Issue

Blend Funding PLC raises debt exclusively through its EMTN programme to on-lend to registered housing associations throughout the United Kingdom. Blend has to date issued 8 series of notes with maturities ranging from 2034 to 2061.

Blend also has the option to retain bonds from issuances to sell into the market at a later date. These are not necessarily allocated to particular borrowers and enable borrowers with signed facilities to access funding through Blend at short notice.

Blend can also facilitate deferred drawdowns for borrowers with signed loan agreements by signing a forward purchase agreement with one or more investors to sell retained bonds with a forward settlement date. This will always be to fund a drawdown to a specific borrower who, under the terms of their loan agreement, has made an irrevocable commitment to draw down the funds on the forward settlement date.

In the event that Blend is unable to find an investor that can offer deferred draw down, Blend is able to issue retained bonds on a spot settlement basis, investing the proceeds with a suitable deposit counterparty and on-lending them to the borrower in up to 12 months time, or investing the proceeds in UK Government securities and on-lending them to the borrower in up to 24 months time. This will always be to fund a drawdown to a specific borrower who, under the terms of their loan agreement, has made an irrevocable commitment to draw down the funds on a specific forward date on terms agreed at the outset.

Maturity ISINCoupon Total Issued (£mn)Issued and Drawn Down by Borrowers (£mn)Retained and Sold Under FPA with Investor £mIssued and Proceeds Held on Deposit by Blend (£m) Bonds Retained by Blend (£M)
2032XS23542542405.260%660435--225
2034XS19634823902.984%7575---
2036XS28193296945.734%3030---
2044XS29576292695.748%2020---
2047XS18796037173.459%588588---
2054XS19767562442.922%607607---
2057XS24751954883.508%125125---
2061XS23542542402.467%7575---

A Programme Memorandum or Offering Circular, is a comprehensive guide to a new security listing. Blend has provided this page and its downloadable content for those interested in the issuer of the security, the objective or purpose of the stock issue, the terms of the issue, and any additional information that could be helpful to a potential or existing investor. Blend Funding Plc has established a £5bn EMTN programme.

Pricing Supplements

A Pricing Supplement details any specific terms and conditions of a security issued under a bond programme.

Blend has provided this page and its downloadable content for those interested in the maturity dates, principal amount, coupon or formula, frequency of interest payments, interest payment dates, and underwriters involved within a transaction. 
Notes issued under the programme are as follows:

SeriesTrancheDate of IssueNominalIssue DetailsISIN
1121 September 2018£250,000,0003.459% due 2047/2049XS1879603717
2115 March 2019£50,000,0002.984% due 2034/2036XS1879603717
315 April 2019£20,000,0002.922% due 2054/2056XS1879603717
226 June 2016£25,000,000 2.984% due 2034/2036XS1963483390
124 October 2019£20,000,000 3.459% due 2047/2049XS1879603717
1312 March 2020£25,000,0003.459% due 2047/2049XS1879603717
1420 May 2020£125,000,0003.459% due 2047/2049XS1879603717
1512 August 2020£38,000,0003.459% due 2047/2049XS1879603717
326 October 2020£250,000,0002.922% due 2054/2056XS1976756244
339 December 2020£25,000,0002.922% due 2054/2056XS1976756244
3413 January 2021£37,000,0002.922% due 2054/2056 XS1976756244
3519 February 2021£50,000,000 2.922% due 2054/2056XS1976756244
161 April 2021£40,000,0003.459% due 2047/2049XS1879603717
3628 April 2021 £33,000,0002.922% due 2054/2056XS1976756244
3721 May 2021£35,000,0002.922% due 2054/2056XS1976756244
4116 June 2021£75,000,000 2.467% due 2061/2063XS2354254240
1717 August 2021£35,000,0003.459% due 2047/2049XS1879603717
3817 August 2021£50,000,0002.922% due 2054/2056XS1976756244
3929 October 2021£55,000,0002.922% due 2054/2056XS1976756244
31010 March 2022£52,000,0002.922% due 2054/2056 XS1879603717
1810 March 2022£55,000,0003.459% due 2047/2049XS1976756244
514 May 2022£125,000,0003.508% due 2057/2059XS2475195488
6113 May 2024£30,000,0005.734% due 2036/2038XS2819329694
7111 December 2024£20,000,0005.748% due 2044/2046XS2957629269
8111 June 2025£410,000,0005.26% due 2032/2034XS3090935852
8225 Nov 25£250,000,0005.26% due 2032/2034XS3090935852

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Contact Details

Location

3rd Floor, 17 St. Swithin’s Lane,
London, United Kingdom, EC4N 8AL

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