A longstanding client of Bank of Scotland and a key client of HGP under its Regional Growth Initiative, the developer has secured an initial £5m revolving credit facility from Bank of Scotland alongside an additional £2.3 million of equity from HGP.

The funds will initially be used to accelerate commencement of three sites in Howwood, Wishaw & Garthamlock, with further sites already identified at Barrhead, Gladsmuir and Kennoway.

The equity provided is part of a wider £14m equity commitment between Briar Homes under HGP’s Regional Growth Initiative.

Construction has already started on 10 four-bedroom family homes in Howwood with a further 22 private homes suitable for first time buyers at Tillycairn, Garthamlock also underway.

A further 27 private homes, again suitable for first time buyers, and 45 affordable homes will also shortly commence in Newmains, Wishaw.

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Paul Kelly, managing director at Briar Homes, said: “Addressing the Scottish housing market’s supply and affordability challenges remains a key priority for Briar Homes, but we can’t do it alone.

“The overwhelming support of Bank of Scotland and the Housing Growth Partnership working together provides us with exactly the financing springboard needed to accelerate a range of much needed new homes across the country catered towards families and those taking their first steps on the housing ladder.

“The facilities aren’t just financially supportive — they also provide certainty and a clear vision to our business as we look to continue to work with our local authority partners through the planning process, doing all that we can to increase the pace of the delivery of new high-quality homes.”

Graeme Steel, director at Bank of Scotland for real estate and housing, said: “At Bank of Scotland, we aspire to contribute to a society in which all households have access to affordable, safe, and sustainable homes in places they want to live.

“The housing market issues are well documented, and we are committed to supporting developers delivering more quality housing across Scotland of all tenures.”