Principality Commercial, the commercial arm of Principality 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.

Commenting, Principality Building Society  senior portfolio manager Jan Quarrington, 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.”

Adding: “As a mutual, we are honoured to partner with an organisation that shares our dedication in making housing more affordable and achievable.”