Housing developer Stonewater has secured a £50 million funding deal which will help thousands of new UK homes be delivered over the next 10 years.

Lloyds Bank Commercial Banking has agreed to provide the new revolving credit facility as Stonewater plans to build 5,000 'affordable' units by 2027.

The company currently has 30,000 homes under its management, £160m of turnover and £1.6 billion in assets.

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John Bruton, Stonewater's Group Finance Director, said: "As an organisation that is currently primarily funded through the capital markets, revolving facilities are important in managing liquidity and reducing overall funding costs.

"We are very pleased with this transaction with Lloyds as the pricing is competitive and the terms are tailored to the circumstances of our corporate structure."

Jo-Ann Bonham, relationship director in Lloyds Bank Commercial Banking's social housing team, added: "Having worked with Jephson and Raglan up until their merger and with the combined Stonewater group since, we're pleased to be able to strengthen our support for the group with this revolving credit facility."

(LM)