A housing association in Northern Ireland is to develop 300 social homes after receiving a £7 million loan from the Ulster Bank.

Triangle Housing Association is to build the houses over the next three years.

Alan Crilly, Triangle Finance Director, said: "Ulster Bank has been active in the social housing sector for many years and we are very pleased to work with them on a funding package to support our development plans.

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"This will enable us to meet our target for new homes this year, which is a major part of our overall growth and development plan for the next three years."

Kenton Hilman, Head of corporate and property banking Northern Ireland at Ulster Bank, said: "Ulster Bank has a dedicated relationship management team in Belfast which has the expertise needed to provide specialised lending to the housing association sector, and has been actively involved in supporting several major build programmes by housing associations in recent years."

(CD/JP)