Housing provider Pocket Living bags £2m investment through OakNorth

OakNorth has lent £2m of working capital to affordable housing provider, Pocket Living.

The loan will help Pocket deliver more affordable homes for local people in the city.

Pocket’s homes are targeted specifically at local single buyers in the intermediate market - those who earn too much to qualify for social housing but are priced out of the open market.

These homes remain affordable in perpetuity for local people as all future purchasers must meet the original criteria and have a household income below the Mayor London’s affordable housing threshold.

Pocket Living’s CEO, Marc Vlessing, said: “Pocket Living is proud of its commitment to affordable housing.

“We chose to partner with OakNorth, because we have worked with them in the past and know that they share this vision. Last year, with the help of OakNorth, we delivered 154 affordable homes in Croydon.

“Thousands of young people are currently struggling to gain a foothold on the housing ladder in London. This loan from OakNorth represents [an] investment in London’s affordable housing provision and will help us provide a range of genuinely affordable homes for local people.”

The loan form OakNorth comes on the back of the Mayor of London’s £25m finance agreement with Pocket Living to build 1,059 homes, a third of which are expected to be modular.

Deepesh Thakrar, senior debt finance director at OakNorth, added: “Since the launch of its first project a decade ago, Pocket Living has proven time and again the attractiveness of its model with all 15 of its projects selling out.

“With a healthy pipeline of 1,195 units, the business is playing a vital role in helping to resolve London’s housing crisis and bring some much-needed new affordable homes to the capital.

“We’re delighted to be supporting them with this working capital and look forward to working with them on future projects.”