Arley Homes will draw £23m from its facility with Yorkshire Bank to fund a new development of 135 family homes in Lancashire.
The 12 acre site for Duxbury Manor off Myles Standish Way was acquired in 2008 from United Utilities and was originally intended to take 200 properties. The scheme was revised with larger houses and a reduced number of units to reflect the current market. The revised application was approved in February 2011.
Dean Smith, regional property specialist at Yorkshire Bank's Manchester Financial Solutions Centre, said: "This significant funding package for the acquisition and development of the Duxbury Manor site demonstrates our ongoing support for Arley Homes, a longstanding customer of the bank. This development will provide much-needed family housing to a high standard on a flagship site."
Arley recently completed the sale of all 28 properties at Chanters Green in Atherton and has also submitted planning for its fourth site in Chorley at Heath Charnock. The Warrington-based developer is also selling in Dunham Chase in Altrincham, Cheshire; The Maples in Fulwood, Preston; and Knightswood in Cheadle Hulme.
The first properties at Duxbury Manor are expected to come to market towards the end of the year.