Sage Homes raises £399m, taking the total raised this year to over £945m

Sage Homes, the country’s largest provider of new affordable homes, has placed its fifth Commercial Mortgage-Backed Securitisation (CMBS), secured against a portfolio of affordable rent homes, with a total of £356.1m of external capital priced at a weighted average of 175 bps over SONIA. The tenor is five years, with two one-year extensions.

In late 2020, Sage opened this new debt capital market to the affordable housing sector through its inaugural £220m CMBS. Since then, Sage has placed three further CMBS – including in March 2026 what was believed to be the affordable housing sector’s largest ever refinancing.

John Goodey, Sage Home’s Chief Financial Officer, said: “This latest CMBS issuance again highlights the continued appetite from high-quality institutional investors for Sage’s credit and the affordable housing sector more broadly

“Following a busy year in which we have already raised over £945 million, we remain focused on driving value for money from our funding. This refinancing further strengthens our position and enables Sage to continue doing what it does best: investing in the delivery of high-quality, energy-efficient, affordable new homes.”

Sage Homes was established to expand the delivery of high-quality affordable homes across England, using institutional investment to support long term housing supply, and has now delivered more than 21,000 high quality, energy efficient new homes, with a further 2,000 in the pipeline.