William Fry advises Home For Life on the recent €285,000,000 refinancing of their debt facilities.
Led by the Irish Department of Housing, the mortgage-to-rent programme provides for a voluntary process available to certain distressed homeowners whereby ownership is surrendered and bought by a third party, such as Home For Life, while allowing the original homeowner to remain in their homes.
William Fry is delighted to have advised Home for Life on all legal aspects of the refinancing of their loan facilities in the amount of €285,000,000. The transaction, led by our Banking and Finance department, was highly complex and required significant cross departmental expertise from our Capital Markets, Funds and Corporate teams.
William Fry worked closely with key advisors, most notably Davy Corporate Finance who acted as financial adviser to Home for Life in arranging the loan.
The funds will be used to refinance existing debt facilities and to further expand Home For Life’s mortgage to rent property portfolio, which currently includes 1,375 properties.
The transaction was significant not only because it is one of the largest refinancing deals that has closed in Ireland’s property sector this year but also underpins the importance of private sector funding in our social housing sector .
The William Fry team was led by Banking & Finance Partner, Lyn Brennan and supported by Alfie Fitzgerald, Ronan Holohan, Sarah Jane Hackett, John Aherne, David Maughan, Niall Crowley and Lucy McCurry.
Commenting on the closing, Lyn said:
“This was a very complex but hugely rewarding transaction to be involved in. William Fry has advised Home For Life since its first financing in 2019 and are delighted to see it go from strength to strength. This refinancing is a huge endorsement of the Home For Life team but also highlights the opportunities for private investment in the social housing sector. We wish Home For Life continued growth and success”