The loan – which is being provided through the Homes England home building fund – has an initial maturity of seven years, which can be extended to a maximum of 10 years, subject to consent from Homes England.

The facility sits alongside St Modwen’s £475m refinancing to the unsecured revolving credit facility that was announced in December 2017.

The new funding will allow the company to accelerate the delivery of homes and serviced land across its portfolio.

St Modwen was advised on the loan by Rothschild & Co.

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Rob Hudson, chief financial officer at St Modwen, said: “This financing further strengthens our resources, while reinforcing a key relationship with Homes England, with whom our strategic objective to grow our residential and housebuilding business is strongly aligned."

Nick Walkley, chief executive at Homes England, added: "This long-term deal shows how Homes England is stepping in to disrupt the housing market and make homes happen.

"By equipping ambitious partners with the resources needed to accelerate construction, we’re breaking new ground - making homes possible and helping to improve neighbourhoods and grow communities."