Swan’s bondholders have agreed to waive breaches of loan agreements in a move to enable the troubled housing association and modular developer to be taken over by 105,000-home provider Sanctuary.

Swan Housing Capital, the funding vehicle for the 11,500-home Essex-based landlord, announced bondholders had passed an “extraordinary resolution” to waive the breaches at a meeting on Tuesday. Sanctuary had asked for assurances that any breaches would be waived before its takeover – previously expected by the end of this month – could go ahead.