Orbit Group has secured a £75m bank loan from HSBC to further its plans to develop 12,000 new homes.

The five-year funding agreement will support Orbit's programme to achieve the minimum development of 12,000 new homes between 2013 and 2020.

With 39,000 homes, Orbit is one of the UK's largest housing associations.

Anne Turner, Chief Operating Officer for Orbit Group, said: "The new partnership will support the building of much-needed affordable homes to help tackle the housing shortage. As our first loan agreement with HSBC, we see this as the start of a mutually beneficial and lasting relationship."

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Head of Housing at HSBC, Hugh Taylor, added: "We are very pleased to begin this new partnership with Orbit and provide a facility that will enable them to deliver their 2020 Vision.

"They are a leading housing organisation with ambitious plans for communities that go beyond meeting rising demand in the UK. We look forward to strengthening our relationship with them, and others in the future."

(LM)