The Association worked with ATFS and Royal Bank of Scotland for the deal which it said will ensure that its rents can continue to remain affordable during such an ambitious development programme. 

The recently released product from RBS will be split into two equal tranches of fixed and variable money of £25m each.

Angela Linton, Hillcrest Homes chief executive, said “We are delighted to work in partnership with our long-term partner Royal Bank of Scotland to secure the £50m. Although this was a newly released product, the process from start to finish was seamless with a great result for Hillcrest Homes and all of our tenants.”

Currently halfway through the development programme, Hillcrest handed over nearly 300 homes in the year to March 2020 with a further 600 plus on-site. In a three year period, Hillcrest will let for an affordable rent almost 2,000 new homes which have been built to an exceptionally high standard.

David Horne, director, housing finance, Royal Bank of Scotland, said: “Royal Bank of Scotland is delighted to build on its long term relationship with Hillcrest Homes and support their continued drive to provide good quality affordable homes for families across Scotland. It is particularly pleasing to see large financing such as this being delivered in such challenging and unprecedented times.

“Helping deliver social and affordable housing across Scotland and the UK is a priority for us as a bank and we will continue to work with partners such as Hillcrest Homes to provide long term funding of up to £3 billion to support the construction of around 20,000 affordable homes over the next three years across the UK.”