The loan was agreed at a rate of 1.45% for an 18-month term.
The specialist SME lender said the funding allowed for the purchase of land and subsequent development of the new homes, which is set to be completed by March 2023.
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Andrew Mackenzie, group managing director at OSBF, said: “The current economic challenges have created some uncertainty in the funding of propositions such as this, but OSBF is a thorough economic cycle funder, as proved during the coronavirus pandemic.
“We are keen to consider lending deals that are both secured and responsible, which other lenders will not support.”
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