The funds have been provided by existing lenders, including Barclays, NatWest and Nationwide as well as new partners, ABN AMRO and HSBC to Stonewater, a social landlord — the new revolving credit facilities will run for five to 10 years.

The funding is aimed at optimising Stonewater’s financial covenant and also unlocking financial flexibility, bolstering liquidity and enhancing borrowing capability.

The housing provider aims to use the funds for customer services, delivering homes, and environmental and social sustainability.

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Anne Costain, CFO at Stonewater, said: "These revolving credit facilities will enable us to plan and construct new affordable home developments, as well as enhance existing ones.

“Cultivating robust relationships with banks is paramount in our mission to provide affordable housing solutions, and we are deeply appreciative of the teams at Savills Financial Consultants for their invaluable financial guidance and to Devonshires for their legal expertise throughout this process."

George Flynn, director at Savills Financial Consultants, added: “We were delighted to work with the Stonewater team on this important funding package across multiple lenders, which delivers enhanced capacity to support Stonewater’s future strategy.”