The new facility — which has a three-year term — is secured against the 289 units in ReSI’s local authority housing portfolio.

ReSI will use the finance to fund the portfolio pending refinancing with long-term debt in combination with other assets.

•   Paragon reports 451% rise in development lending
•   Presenting a development deal: The nitty gritty
•   Octopus lends £31.5m to refinance 300-home development

The company raised £180m of equity at IPO and has to date invested £234m in acquiring a portfolio of 2,435 residential units serving retirement, local authority housing and shared ownership tenants.

ReSI said that it intends to use the proceeds of this facility and of future borrowing to fund further acquisitions.