OakNorth has provided a £28.5 million loan to D2 Propco, marking a significant step forward for the UK’s supportive housing sector. The financing will enable the company to expand beyond its established presence in Wales and scale its operations across England.
Founded in 2017 by Duncan Evans and Simon Dibley, D2 Propco has built a strong position within the property market by focusing on high-quality temporary accommodation. Working closely with local authorities, the company provides safe, stable, and well-managed housing for vulnerable adults and young people, offering a structured alternative to unsuitable emergency placements such as hotels or bed-and-breakfast accommodations.
Strategic expansion from local specialist to regional operator
The £28.5 million facility provided by OakNorth is designed to support a multi-layered growth strategy that will strengthen D2 Propco’s operational and financial position.
The capital will be used to refinance existing debt, allowing for improved balance sheet flexibility, while also enabling the acquisition of new residential assets suitable for supportive housing. In parallel, the company plans to invest in refurbishment and modernization across its portfolio to ensure all properties meet high standards of safety, quality, and long-term sustainability.
Currently, D2 Propco manages a portfolio of more than 164 properties, representing over 600 rooms across England and Wales. With this funding, the company is positioned to significantly expand capacity and respond to increasing demand from local authorities.
Rising demand and structural pressure on housing
The timing of this financing aligns with growing pressure across the UK housing system. In Wales alone, demand for temporary accommodation has risen by 18%, reflecting deeper structural challenges within the market.
These pressures are driven by a combination of factors, including a persistent shortage of social housing, increasing cost-of-living pressures, and widening gaps between wages and rental affordability in the private sector. As more individuals and families face housing insecurity, the need for scalable and professionally managed accommodation solutions has become critical.
D2 Propco’s model addresses this gap by providing purpose-managed housing that allows local authorities to meet their statutory obligations while maintaining higher standards of care and living conditions.
Leadership perspectives on the partnership
Duncan Evans, Founder and CEO of D2 Propco, emphasized the mission-driven nature of the company’s work:
“We founded D2 Propco with a clear mission to provide safe, stable accommodation for people who need support during some of the most challenging periods of their lives. This financing from OakNorth allows us to expand our portfolio and continue working alongside councils to deliver high-quality, supportive housing where it is needed most.”
Navin Dabasia, Director of Debt Finance at OakNorth, highlighted the importance of supporting businesses operating within essential sectors:
“D2 Propco plays an important role in the housing ecosystem. It’s increasingly important that organisations providing this type of accommodation have access to the capital they need to scale responsibly. Duncan and his team have built a strong platform with a clear social purpose and a proven track record.”
About D2 Propco
D2 Propco is a UK-based property company specializing in temporary and supportive housing solutions. Established in 2017, the company works in partnership with local authorities across England and Wales, focusing on the acquisition, development, and long-term management of residential properties designed to support vulnerable populations.
About OakNorth
OakNorth is a UK digital bank focused on providing flexible debt financing to growth businesses. Since its launch in 2015, the bank has built a strong reputation for supporting the “missing middle” companies that are often underserved by traditional financial institutions. Through its proprietary data and technology platform, OakNorth enables faster, more informed lending decisions across a wide range of sectors.
