Bank of Scotland holds a 42% equity stake in the company; Ainscough and Stephen Owen, who was chief executive of Wainhomes, retain the rest.
Ainscough said the loan would fund planned site purchases and work in progress.
The company, which markets itself under the name First Lift, will concentrate on North and South-west England. It aims to complete 10 deals a year.
Owen said the company provided an innovative solution for aspiring developers hoping to break into the housebuilding market. He said: "A spate of mergers and takeovers in the residential development market over the past few years has left many talented people redundant or looking for a change. They are often keen to go it alone and make use of their expertise."
Ainscough, a classic car enthusiast who lives near Wigan, made £44m from the sale of Wainhomes. He received £2.4m in cash and the rest in loan notes and shares.
At the time of the sale he was Wainhomes' chairman. He remains a non-executive director of Wilson Connolly.