A housing co-op in North Wales has obtained a loan package from Co-operative & Community Finance (CCF) to refinance loan stock as members look to secure financial sustainability.
Ty Brethyn Housing Co-op, located a short distance from Llangollen, Denbighshire, consists of a former Victorian Mill, several outbuildings and approximately five acres of land. Home to nine residents, it was incorporated as a fully mutual housing co-op in 2007.
CCF provided Ty Brethyn with a loan package to enable the refinancing of its loan stock, which it needs after long-term members of two households moved out.
Gwen Sanderson, secretary of Ty Brethyn Housing Co-op, said: “Attracting finance as a small business has been complex. We are very glad of the loan from CCF to enable us to continue to offer homes in this extraordinary setting, and build on the enduring hard work of previous cooperative members.”
Tim Coomer, business development manager at CCF, added: “I am so pleased we have been able to support Ty Brethyn Housing Co-op, tucked away in a secluded valley with babbling stream and woodland this former watermill is indeed a very special place.
“I was really taken with the fantastic members I met and their careful ethical management and conservation of the land and buildings; fulfilling their desire of living the good life.”
