The Lingards Fold site is a 42-home development in Slaithwaite and the loan will enable SB Homes to accelerate its delivery.

These properties comprise a range of homes including three-, four-, and five-bedroom detached properties, three- and four-bedroom semi-detached and terraced homes, and eight affordable one- and two-bedroom apartments.

Out of the 20 plots released so far, 17 have been reserved or sold.

The deal was introduced by property consultant Stewart Brown of Property Asset Consulting.

Aldermore’s property development manager, David Whitehouse, led on the deal.

“We’re delighted to be backing SB Homes and the company’s new housing development,” said David.

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“Being based in the Colne Valley, SB Homes knows the area incredibly well and has built a strong track record in the development of new build homes in the area.

“We’re glad to be part of their journey as they grow their business to deliver even more first-class homes.”

Sophie Byram-Clifford, finance and operations director at SB Homes, added: “Taking on development funding is a major milestone for our business and it’s a very exciting time.

“It will allow us to build at a pace we’ve never experienced before. Working with Aldermore has been a great experience — their appetite to get the deal done and their one-to-one relationship approach really stood out.”