Affordable housing provider adds to portfolio with funding from Bank of Scotland

Dundee-based affordable housing provider, Carling & Co, has purchased 45 city centre properties along with a conversion project to develop eight further flats, having secured a £1.5 million finance package from Bank of Scotland.

The £3.1 million investment in the residential properties, situated in the heart of Dundee, is also part funded by private European investment partners.

This latest transaction for Carling & Co adds to the business’ existing portfolio of 180 units.  It also forms part of the investor’s five year plan to acquire 1,000 properties for the affordable housing sector for individuals and families in need of good, quality housing and who may not otherwise meet criteria set by private landlords.

Headquartered in Dundee with operations across Scotland, the husband and wife business focuses on long term property investment for the affordable rental market, working with agencies, charities and individuals to support people who may struggle to find a good standard of accommodation due to previous personal circumstances.

Graeme Carling, managing director of Carling & Co explains: “We take a very unique view to property investment and letting, looking to cater for a social group which on the whole is overlooked by the private property market. 

“We have very strict investment principles where we won’t purchase a property that does not meet with our affordable rental criteria, as guided by public sector recommendations.  It has been great working with Bank of Scotland which has had a real appetite for our business, supporting us through this phase of growth and giving us real practical advice to help achieve our long term goals.”

Steve Ayre, SME Banking relationship manager at Bank of Scotland, added: “There is an ever increasing demand for the provision of housing at affordable rates within this geography, particularly on the back of a number of years where the pipeline of new build and social housing development has been limited.

“Graeme and his wife Leanne have taken a group of properties that are lying empty and have turned them into a great social enterprise, supporting often the most vulnerable in our communities by offering stability and comfort, which in turn can have a really positive impact on other areas of those individuals’ lives.”