Residential Secure Income plc announced that it has obtained a £14.45 million debt facility, secured against the 289 units in its local authority housing portfolio. The financing package will be used to fund the portfolio pending refinancing with long term debt in combination with other assets. The facility has a 3 year term and a margin of 1.50%, with the rate to be fixed at the time of drawing. The terms recognise the underlying leases are with an investment grade local authority, in this instance Luton Borough Council, in line with ReSI's stated strategy at IPO. TradeRisks and ReSI are continuing to work with debt investors to put in place further borrowing against ReSI's recent and future acquisitions, in line with its strategy to target an overall level of indebtedness of 50% loan to gross asset value and a low cost of long-term funding. Having raised £180 million of equity at IPO, ReSI has to date invested £234 million in acquiring a portfolio of 2,435 residential units serving retirement, Local Authority housing and shared ownership tenants.