The finance will be used to assist with the construction of the housebuilder’s new Usk Field development in Llanishen, north Cardiff.
The residential development will consist of 20 family homes, plus five affordable homes.
Waterstone Homes secured the funding following a number of previous developments it has worked on with Principality’s commercial arm.
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“Waterstone Homes has had an exceptional year of growth with turnover, profits and the number of homes built all having increased significantly,” said Andrew Lycett, finance director at Waterstone Homes (pictured above, second right).
“We have ambitious plans to continue this upward trend and grow the business further, which will, of course, require financial support.”
Gareth Redding, senior portfolio manager for Principality’s commercial team (second left), added: “This is an exciting development for Principality working alongside Waterstone Homes.
“As well as funding luxury homes for families in the area, we’re equally as passionate about the affordable homes market, a key element of this development.”
Also pictured above: Andrea Gardner and Simon Jehu, both of Waterstone Homes