Principality Commercial, the commercial arm of Wales’ biggest building society, has announced a £20m partnership with Rochdale Boroughwide Housing Limited, marking its first lending agreement with an England-based housing association.
Rochdale Boroughwide Housing Limited is the UK’s first mutual housing society, co-owned by its tenants and employees. The housing association manages more than 12,000 homes across the borough and provides vital housing and community support to local residents as a social landlord.
With the funding provided by Principality Commercial, Rochdale Boroughwide Housing will maintain and improve its existing housing stock of social and affordable homes in the east Greater Manchester area.
The collaboration with Rochdale Boroughwide Housing marks a major step for Principality Commercial as its first housing association client based outside of Wales.
Commenting on the announcement, Jan Quarrington, Senior Portfolio Manager at Principality Building Society, said: “This new partnership marks an exciting new chapter for Principality Commercial as we extend our reach and funding into England. Supporting housing providers in England allows us to make a positive impact in more communities with affordable housing options and community services, and particularly in the North West where we already have a growing customer presence.
As a mutual, we are honoured to partner with an organisation that shares our dedication in making housing more affordable and achievable. We are confident that this funding will help Rochdale Boroughwide Housing continue to strengthen its services and build thriving neighbourhoods.”
Principality Commercial lends across England and Wales, providing finance for both investment and development schemes in the commercial and residential sectors, including supporting housing associations.
Amanda Newton, Chief Executive at Rochdale Boroughwide Housing, said:
“We are incredibly proud to have the support of our existing funders and to welcome Principality into the English social housing sector for the first time. This package gives us the stability and flexibility we need to build a better future together.
“Building on our return to compliance with the Regulator of Social Housing last year, it means we can look into 2026 with increased optimism as we deliver on our three-year Corporate Strategy, which has the needs of our customers firmly at its heart.”
