Housebuilding group Hayfield is planning to grow its development pipeline by 1,500 units after securing a new £85 million funding package.
The Solihull-based firm has agreed to new equity and debt funding which will enable it to build 500 homes per year over the next three years.
The company estimated this would add an extra £180 million to its turnover.
Hayfield has signed a £50 million senior debt site acquisition facility and development funding with OakNorth Bank plc, arranged by London-based Reality Wealth.
Additional equity funding worth £35 million has come from a Dubai-based private investor, negotiated by MSM Investment Advisors and Reality Wealth.
Hayfield's managing director Mark Booth said: "Our first three years of trading have been very successful.
"This new capital structure will enable Hayfield to quickly lose the newcomer badge and allow us to realise our aspiration to become an established medium-sized housebuilder of note.
"For a company the size and age of Hayfield to secure a £85 million funding facility is representative of the great strides the team has achieved.
"A number of our developments have sold well ahead of the build programme which speaks volumes for the quality of our homes.
"We are now gearing up for a period of rapid expansion."
The company's first three developments are in Stratford-upon Avon, Oxfordshire and Worcestershire and have all sold out.
Hayfield's land requirements for 2020 have already been secured, together with 50 per cent of 2021's land.
