The Derbyshire-based firm refinanced with Newcastle Building Society, RBS and Nationwide Building Society in order to reach its target of 1,000 new homes by 2020.

A further £50m was borrowed over five and 10 years from the latter two lenders, divided evenly between the two.

Ian Skipp, Strategic Director of Finance at Futures Housing Group, said: “Unlocking the funding is a major step forward for us and the communities we work in.

“It means we can significantly enhance the range of property types we offer to customers, helps fund our commercial development plans and contributes to solving the UK housing crisis.

“It is a great indication of our ambition, our confidence and our appetite to grow and enter new market places and we’re really excited about what the future holds for us and our customers.”

The refinancing will allow the 9,000-home provider to establish a development subsidiary to build homes for market sale.

The project is Futures Housing Group’s largest ever housebuilding programme.

Ian Toal, Chairman of the Futures Housing Group Board, added: “We are delighted to have finally secured this significant funding package to meet our ambitions to grow the organisation by diversifying our tenure offering.

“A number of people have worked very hard over the last 18 months to research and analyse the risks and benefits of refinancing and I believe we have an excellent arrangement in place to meet our ambitions.”

Earlier this year Futures Housing Group received the highest regulatory rating from the Homes & Communities agency.

The organisation also launched its new corporate plan, ‘Inspiring Futures’, which outlines the firm’s building programme and growth plans.