Operating throughout Dundee, Angus, Perth and Kinross, Fife, East and West Dunbartonshire, North Lanarkshire and Highland local authority regions, Caledonia Housing Association owns and manages 5,500 properties.

As part of its five-year business plan, the housing association has committed to build more than 600 new affordable homes which the Royal Bank of Scotland funding will help enable.

This includes the ambitious regeneration of Bellsmyre, West Dunbartonshire, where Caledonia Housing Association will transform a current brownfield site on Muir Road to provide a mixture of one, two and three-bedroom houses, with completion expected in summer 2022.

The multi-million regeneration project also includes the demolition of existing, outdated homes to make way for a mix of energy-efficient bungalows, houses and flats, significantly upgrading amenities for residents.

The Royal Bank of Scotland funding has also been earmarked to support prospective new developments across Dundee, Perth, Angus and the Highlands.

Leigh Grubb, director of finance & governance at Caledonia Housing Association, said: “Caledonia Housing Association’s strategy is focused on providing homes and services that make life better for people throughout Scotland. The funding from Royal Bank of Scotland gives us greater financial flexibility to deliver an ambitious programme to build more affordable homes and much needed regeneration for communities.”

Last year, NatWest Group - which Royal Bank of Scotland is a part of - announced that it will be investing £3 billion in social housing across the UK over the next three years. The sum will be used to support the construction of 20,000 homes.

Alan Newlands, relationship director at Royal Bank of Scotland, added: “Working with Leigh and the team to provide a flexible financial package has been incredibly rewarding as they press ahead with the delivery of much-needed homes across Scotland.

“This transaction strengthens our relationship with Caledonia Housing Association and we’re looking forward to helping them to continue delivering positive change with their sustainable agenda.”