Lloyds Banking Group is backing the house builder with a new facility, which runs until the end of 2014.
The deal replaces funding that was in place until June 2013, and is understood to be on similar terms.
Cala intends to keep adding to the 3000 plots in its land bank, but is committed to bringing down net debt of around £130m.
Alan Brown, chief executive, said: "The most important thing is we are expecting to normalise our balance sheet within that period, which we weren't when the previous facility was negotiated.
"Our plan is to maximise our short-term profits, get the business to a certain level then start to pay down the debt in a reasonable space of time."
Longer term options for the Edinburgh company remain open, with a sale or flotation among the possibilities.
Mr Brown, who has been with Cala since 1986 and became chief executive in 2009, said: "Like every business we have a number of shareholders and our role is to maximise value for them.
"At some point in the medium to long term we will look to realise that value but we have not, as yet, focused in on any particular option. It is certainly not on the cards right now."
Volumes rose by 12% between July 1, 2011 and January 6, 2012, with 322 homes being sold and the average price increasing by 2% to £290,000.
Mr Brown believes Cala is well placed for growth provided there are no major changes in the wider economy.
He said: "It is undoubtedly a tough economic background at the moment. We have been pleasantly surprised, given the uncertainty around the eurozone, that we have been able to increase the volumes the way we have.
"Provided nothing happens in the eurozone I don't see why that shouldn't continue. We are quite cautiously positive about where the market is going."
Richard Addison, regional director at Lloyds Banking Group house building, said: "Cala has performed well in what has been a difficult period for the house building sector.
"We are delighted to be able to support them in their plans for future growth and debt reduction."
Full year turnover at Cala is expected to rise to around £245m in the current year, from £215m, with another rise to £300m the following year.
In its last financial year to June 30, 2011 the company returned to the black for the first time since 2007, reporting a pre-tax profit of more than £2m and home sales rising 45 per cent to 649.
Lloyds has a major stake in the business following a £280m debt for equity restructuring deal in 2009.
Reports recently suggested Lloyds was considering merging some of the construction companies it has stakes in but that outcome is seen as unlikely.
The bank also has interests in McCarthy and Stone, Countryside Properties, Miller Group and Tulloch Homes.
A spokesman from Lloyds said: "We have supported our customers in the house building sector over the past few years, during what has been a challenging economic environment for the sector.
"As we enter what is hoped to be a more positive period for the house building sector, we will continue to provide that support and work with our customers to help them fulfil their business strategies."
The bright update from Cala was in contrast to data from the Federation of Master Builders (FMB).
The State of Trade survey suggested that 22% of members have been forced to cut jobs, due to last year's hike in the VAT rate to 20%.
Brian Berry, director of external affairs at the FMB, said: "The FMB warned the Government that raising the rate of VAT would suppress demand for building work and cost jobs.
"Unfortunately our prediction has been borne out."
