Paragon Bank has provided a £1.6m development finance loan to Hockley Developments to convert a care home into 26 residential properties.
Millbeck House in Nottingham, will comprise of one and two-bedroom properties with and is expected to be completed in May 2021 with Help to Buy available and 10 year new build warranties on completion.
Alan Forsyth, managing director at Hockley Developments, said: “From the first phone call with the team at Paragon, I felt the service provided was right for us at Hockley Developments. The team has been very efficient and straightforward to deal with and has always been available when required.
“The team has always been quick to meet us on site and understand our business; we felt valued as a client very quickly. We have enjoyed working with Paragon and will hopefully continue to do so as we look to grow over the next five years.”
Anil Sehmi, Paragon’s Midlands-based regional relationship director, added: “It is great to be able to support with funding for this scheme as it aims to bring more much needed housing to the East Midlands, particularly suited to first-time buyers with the availability of the Help to Buy scheme.
“Over the past few months, it has been our priority to support both new-to-bank and existing clients, so we are looking forward to hopefully continuing our relationship with Hockley Developments.”
United Trust Bank
United Trust Bank (UTB) has agreed to fund £4.6m to a development of houses and bungalows near Milton Keynes, Buckinghamshire.
The project, which will cost £7.6m in total, is situated in the Newton Longville village and part of a joint venture between James Taylor Homes and Housing Growth Partnership (HGP).
This scheme will be made up of 17 three and four-bedroom houses and bungalows.
Philip Kirkwood, property development director at United Trust Bank, said: “SME housebuilders play a vital role in tackling the UK’s housing shortage and UTB is keen to provide the funding to keep them building, despite the economic uncertainty presented by Covid-19 and Brexit.
“As such I’m delighted that we’re supporting this joint venture between James Taylor Homes and Housing Growth Partnership.”
He added: “It’s particularly pleasing that we were able to progress and complete this facility in the midst of the pandemic with all the additional challenges this has brought to all of our businesses.”