This is the first funding secured by the housing association since Bromford and Flagship merged at the end of February.

With this new funding, the housing association has a total revolving credit facility of £850m.

Bromford Flagship, which has 80,000 homes, will use this to increase the development of new homes it oversees with a significant proportion of these to be for social rent.

•   The Finance Professional Show 2024: The Video
•   Bromford secures Gloucestershire plot for 95 homes
•   Vistry partners with Bromford for 695-home Brum development

“We’re delighted to have finalised our first funding with RBC,” said Matthew Rose, director of treasury at Bromford Flagship. “Bromford Flagship wants to be the country’s leading developer of social rent homes over the next 30 years and will need to secure funding from new and existing domestic and international lenders to achieve this.

"This funding gives us additional capacity to secure sites for our own developments, giving us greater control over the design and quality of the homes we build. This allows us to create thriving communities—because when people have high-quality homes and are part of an engaged community, anything is possible.”

Arshia Hashemi, vice president of corporate banking at RBC Capital Markets, added: “We have been providing the UK social housing sector with our capital markets expertise for over twenty years. Through this facility we are delighted to now be supporting the strategic ambitions of the newly combined Bromford Flagship group, as we continue to focus on extending our support across the sector.”