The story behind the Fund
Resonance has developed the Real Lettings Property Fund 2 (RLPF2) with leading homelessness charity St Mungo’s following the success of both the Real Lettings Property Fund 1 (RLPF1), which launched in 2013 and has built a c £60m portfolio of c 260 homes across London and National Homelessness Property Fund (NHPF) which launched in 2015 and is targeting a £60m portfolio of c 400 homes in other cities across the UK.
All three Funds have been developed in response to the lack of private rented accommodation accessible to rising numbers of people living in temporary accommodation or otherwise at risk of homelessness in London and around the UK.
RLPF1 is now delivering both financial returns to investors and focused social impact in homelessness, which RLPF2 aims to repeat at even greater scale over its 7 year term, and aims to purchase over 300 properties and house around 1500 people at risk of homelessness.
RLPF2 is partnered with St Mungo’s letting arm, Real Lettings, a social lettings agency set up by St Mungo’s over ten years ago which leases homes from the Funds and lets these to vulnerable individuals and families with a secure tenancy, who would otherwise be in bed & breakfast emergency accommodation or hostels.
RLPF2 builds on two existing initial funds which have delivered this social impact investment model successfully in both Greater London and nationally within other cities in the UK.