PHOTO: The brothers were arrested and charged on Wednesday after a series of police raids.(Supplied: NSW Police)

Two developers and a real estate agent have been charged with fraud after allegedly trying to obtain a $14 million loan to build homes in the Illawarra.

Police arrested the men on Wednesday following raids on five homes and businesses at Wollongong, Albion Park, Wongawilli and Calderwood.

It is alleged a pair of 33-year-old twin brothers used falsified documents to apply for finance to construct 92 dwellings at Avoca Park, in Avondale.

Lake Illawarra Detective Chief Inspector Glen Broadhead said a third man, 35, was accused of using his position as a real estate agent to publish false contracts of sale.

“We are alleging that bank statements have been altered and contracts have been forged to support the loan application,” Chief Inspector Broadhead said.

“The specific reason for the false contracts was to support the loan application to ensure that the business appeared to have sufficient funds to go forward with the application for the finance institution.