Partnership, one of the UK’s leading providers of financial solutions for people with health and lifestyle conditions, has entered into a refinancing agreement with equity release specialist Milton Homes Ltd for £272 million to be drawn down over five years.
Milton, owned by investor clients of Delancey, found Partnership’s finance package particularly attractive due to the long term nature of the facility, matching Milton’s reversion profile.
This facility will replace Milton Homes’ existing bank debt.
Andrew Megson, Managing Director of Retirement at Partnership, said: “This deal demonstrates Partnership’s continued commitment to the equity release market. Over the years, Milton Homes has demonstrated its qualities as an innovative business, operating to the highest standards of integrity, making them ideal partners for us in this sector."
Duncan Young, Chief Executive of Milton Homes, said: “We are delighted to form this relationship with Partnership and look forward to further co-operation in the future.”
ENDS
For further information please contact:
Milton Homes Ltd
Duncan Young, Chief Executive
Office: 020 7313 6373
Mobile: 07775 783 431
Partnership
Ged Hosty
Director of Equity Release
07712 789154
Ged.hosty@partnership.co.uk
or
Jim Boyd
Director of Corporate Affairs
07973 458675
jim.boyd@partnership.co.uk
Broadgate Mainland
Zoe Butt
Office: 020 7776 0528
Mobile: 07769 145 126
Note to Editors
About Milton Homes
Milton Homes Ltd is the parent company of Retirement Plus Ltd, a leading home reversion company. It suspended new business in 2009 and is working on plans to re-enter the market.
About Partnership
Partnership is a specialist provider of financial solutions for people with health/ lifestyle conditions, as well as those suffering from a serious medical impairment. Partnership was the first company in the UK to offer higher retirement incomes by taking account of people’s health and lifestyle conditions. It has been a consistent innovator developing this sector by championing the needs of those with even modestly reduced life expectancies. Partnership has led the way in providing products designed specifically for individuals whose health and lifestyle is likely to result in a reduced life expectancy. Partnership is expert in the field of medical underwriting and has a unique in-house data set. Partnership believes that its years of accumulated data and knowledge gives it a unique understanding of the impact of health and lifestyle choices on longevity. This, in turn, enables it to offer the most accurate assessment of a client’s life expectancy and therefore offer the fairest price to them.
Partnership has the most comprehensive offering in the retirement sector and offers a complete range of Enhanced Annuity solutions, from clients who smoke or have minor health impairments, through to serious conditions such as cancer.
Partnership is the largest provider of annuities for Long Term Care funding in the UK, with 80% of the market, and also offers specialist Protection solutions for clients who have been declined cover from standard providers. Partnership offers a firm commitment to supporting advisers in growing their business.
Partnership was this year’s winner of the ‘Long-term Care Provider’ award at the Health Insurance Awards and in 2009 and this year’s Simply Biz ‘Annuity Provider of the Year’ award.” www.partnership.co.uk
Delancey
Delancey is an investment advisor with a reputation for consistently delivering significant returns across a wide spectrum of real estate and asset backed opportunities on behalf of its international investor base.
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