The cash injection will pave the way for phase 2 to start and bring forward phase 3 of the scheme, as well as releasing over £9m for enabling works across the whole development site, which will eventually deliver 2,215 homes.

Chinese contractor Chinese company BCEGI has topped out the 571-home phase one blocks and is now preparing to start phase two.

This phase will provide 546 new, one to three bed homes, across four 10-storey buildings, totalling 360,000 sq ft.

Middlewood Locks is being developed by FairBriar International, a joint venture led by Scarborough International Properties (50%) with Metro Holdings of Singapore (25%) and Hualing Group of China (25%).

Joint Chief Executive of Scarborough International Properties, Simon Marshall, said: “We are very appreciative of the HCA’s support which will enable us to accelerate the delivery of much-needed homes for local people.

HCA Chief Executive, Nick Walkley, added: “This loan is a great example of how we can help developers create new communities which will provide more of the homes that people need, and do so quickly –  completing almost 600 homes by this time next year.

“As the wider site is set to deliver more than 2,200 homes, a key part of the funding was to support the infrastructure works as this will enable the future residential phases to be brought forward faster.”

Middlewood Locks is a 25-acre landmark development, which will provide a new waterside neighbourhood around three large basins of the Manchester, Bolton and Bury canals, connecting to the River Irwell and a short distance from the central business district and shops of Manchester city centre.

It will also provide 900,000 sq ft of commercial space, including a hotel, together with all the amenities of a new urban neighbourhood.