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Peabody loan terms may remain secret

The conditions of the £42 million loan Mayor of London Sadiq Khan gave to Peabody housing association to buy the Holloway prison site may never be revealed to the public, reports the Islington Tribune.

Khan cited ‘commercial sensitivities’ as the reason the terms of the loan may remain secret.

The loan was provided to Peabody on the agreement that 600 of the 1000 homes planned for the site would be ‘genuinely affordable’, with 400 at social rents and 200 provided as shared ownership or at London Living Rent prices.

It is not clear how long Peabody have to repay the loan or whether they will be charged interest.