The scheme of one, two and three-bedroom units will be developed by Kings Crescent Homes in two phases, with gross development value of £90m.
Phase one is due to start construction immediately, with planning in place and the site already cleared.
It will deliver 143 residential units and some commercial amenities, with gross development value at £35m.
The second phase will build 257 apartments, with gross development value of £55m.
The scheme is located five minutes’ walk from Ashford International train station, which has a high-speed link to London in 30 minutes and Paris in two hours.
It’s expected to complete in 2023.
Rod Lockhart, chief executive officer at LendInvest, said: “We’re very pleased to see development on this site moving forward and to kick off a new partnership with Homes England and Kings Crescent Homes.
Stuart Dawkins, head of development finance at Homes England, added: “We’re delighted to support a burgeoning SME developer to deliver its first scheme in Ashford. It will deliver 400 homes in an area of high growth but low affordability.”