Housing association Bromford has secured credit facilities worth £127m to finance its ongoing investment in new and existing homes.

The Tewkesbury-based landlord, which owns 46,000 homes across the West Midlands and west of England has finalised five-year funding deals for £75m with Lloyds Bank and £52m with Barclays.

In a first for the social housing sector, both deals are tied to Bromford reducing its Scope 1, 2 and 3 carbon emissions by 2028.

Imran Mubeen, director of treasury at Bromford, said: "We're delighted to have strengthened our existing relationships with both Lloyds Bank and Barclays, who remain two of the leading funding banks for UK social housing.

"We have now delivered over £350m of new funding this year, all through our sustainable finance framework, which will enable us to support our customers through the rising cost of living; retrofit our existing homes as we continue to pursue our own decarbonisation agenda; and deliver 12,000 new low carbon, affordable homes by 2031."

Under the terms of the agreement with Lloyds Bank, Bromford measures against the number of new social rent homes it builds over a four-year period. The housing association has been one of the top three builders of new social rent home in England in each of the last three years and will receive a discount on its interest payments if it builds 2,200 social rent homes by 2028.

Amanda Swann, development director at Bromford, said: "Building homes for social rent has been a key component of our development programme for a number of years and remains a key pillar of our strategy going forwards.

"Everyone deserves a secure and safe home that is affordable to them, and social rent is the lowest cost tenure available to customers. In the past three years, we've built 1,375 social rent homes and now the terms of the Lloyds loan will support us to build even more as we expand our development programme over the coming years."