Stewart Milne Homes North West has agreed an £11.5m loan from the Home Building Fund to support the delivery of 500 houses in the region, with a combined development value of £125m.
The housebuilder said that the funding, arranged through Homes England, will allow it to start developments in Chester, Prescot, Congleton and Hooton.
The £3bn Home Building Fund was launched in October 2016, offering loans to private developers as the Government sought to deliver 300,000 homes per year.
Stewart Milne said that the 500 homes within the tranche of development would include 125 affordable homes. Two of the schemes will get underway immediately with the other pair to follow within two months.
Glenn Allison, group chief executive of the Scottish-based firm, said: “Private, independent developers cannot make the up-front investment required to close the gap between supply and demand quickly enough.
“This funding will ensure we are able to deliver outstanding new communities for local residents and help deliver the additional housing that is required to meet the UK Government’s targets.”
The North West division of the business was established in 2006, and in the last 12 months has increased its direct workforce in the region from 65 to 85.