The developer said £30m of the cash from The Royal Bank of Scotland, HSBC and Santander will go towards paying off existing loans with RBS and Allied Irish Bank leaving £40m to buy sites.

Andrew Wiseman, CEO of Telford Homes, said:  “This is a great achievement in the current banking climate and gives us significant headroom to add to the development pipeline for future years.

“We are also pleased to observe that the market in East London has remained steady, and as a result the Group has performed in line with expectations during the year.”