The loan — arranged at 67.51% LTGDV on a 21-month term — was used for the construction of the Old Mill residential scheme, which comprises nine three-bedroom detached bungalows with garages.

The first phase of the development was completed in early 2021, with the remaining completions due in autumn 2022.

More than 70% of the properties have been sold off-plan, and funding for an additional phase of development is already under discussion.

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Neil Dodd, director at NGD, said: “We’re delighted to release these homes on to the market for families to utilize. 

“Understanding the market requirement in light of the UK’s cultural and economic shifts is fundamental to our business. 

“The industry is challenging developers to go that extra mile with regards to CO2 reduction, so we’re proud to have delivered another eco-friendly and carbon neutral development in Kidwelly.”

Tony Kear, regional relationship director at Assetz Capital, added: “Assetz Capital exists to support SME housebuilders and developers with funding and this project completely aligns with our ethos. 

“We aim to keep tackling the UK housing crisis, and working with high quality SME property developers like New Generation Developments is crucial to achieving this goal.”

The loan is the latest in a healthy pipeline of funding announcements from Assetz Capital, which has lent nearly £1.5bn of retail and institutional funds to UK businesses to date.