A significant investment is to be made in the development programme at River Clyde Homes after the Association secured additional borrowing from its lenders.

Under the new arrangements, facilities have been refinanced and increased from £65 million to just under £127m (new loan facilities of £100m and £27m from Royal Bank of Scotland and Nationwide respectively). It is one of the largest borrowing deals secured within the Scottish housing sector in recent years.

Richard Turnock, executive director, group services, said: “We are delighted to have retained our relationship with both of our lenders who have supported us since our launch a decade ago. Securing this additional funding is a major milestone for River Clyde Homes, enabling the delivery of our asset management strategy and providing the foundation for further growth of our business.”

He added: “The funding supports our new build development programme, which will deliver 1,000 new homes (750 of which will be built over the next three years), as well as provide ongoing investment across our estate.”

David Horne, director of housing finance for Royal Bank of Scotland in Scotland, said: “This investment is crucial in building a positive future for communities across Inverclyde, with River Clyde Homes being a key contributor in helping to regenerate local neighbourhoods and delivering new homes for local people. The new homes will also make a significant contribution to meeting the Scottish Government’s national house building target.”

David added: “Royal Bank of Scotland is delighted to continue its partnership with River Clyde Homes with support to build around 1,000 new social-rent homes. This development will help meet the demand for modern and safe housing and offer the people of Inverclyde new community neighbourhoods to be proud of.”