Cumberland Building Society has given multi-million pound backing to a new development from Cumbrian property business Genesis Homes.

The Cumberland has provided the Penrith-based developer with a £2m finance deal to help fund a project in St Cuthbert's, Wigton.

This will see the firm undertake its first development of 74 luxury new homes. The first phase is already under way and comprises 28 houses and bungalows with two, three or four bedrooms.

Simon Whitwham, the Cumberland’s general manager responsible for the commercial arm of the business, said: “We are excited to form this partnership with Genesis Homes.

"As a local building society, most know us as a trusted lender of residential mortgages but we’re also well established in various commercial lending sectors, including housing development finance. The opportunity to work with a local house builder with plans to construct a large number of high quality homes in north Cumbria was particularly enticing.”

The Cumberland is is one of three building societies based in Cumbria - the others are the Penrith and the Furness - and is the 10th biggest such organisation in the UK. It has more than £2.2bn in assets and more than 140,000 customers

It is the only mutual other than Nationwide, the UK's largest, to offer a full current account range.

It has its headquarters in Kingstown, Carlisle and has 34 branches. The majority of these are in Cumbria though it also has a presence in southern Scotland, Northumberland and north Lancashire.

Nicky Gordon, managing director of Genesis Homes, which is based in Cowper Road, Penrith, said: “We’re obviously delighted to have partnered with The Cumberland. As a local business ourselves we much prefer to work with other local firms.

"We became aware that the Cumberland may be able to help us finance early in the project, and their knowledge and expertise became clear immediately. Also, the fact that they were on our doorstep and we could sit down with them and talk about the development face-to-face was key in our decision to work with them.”

Genesis Homes has plans to develop several more sites in Cumbria. Mark Walker, its land director, has identified several locations, with sites ranging from 25 - 150 new homes.

He said: “There is a real need for more, and better, homes in Cumbria. We are geared up to address that. We also recognise the importance of creating effective and mutually-beneficial partnerships with landowners.”

Reservations are being taken for the first phase of the development and the site is being marketed by the Cumberland’s estate agency division.

Graeme MacLeod, managing director of the Cumberland’s estate agency, said: “These properties are going to be truly superb."