Paragon to resume physical valuations; completes £11.8m lockdown deal

The lender said it will initially focus on rescheduling visits that were arranged before government restrictions were put in place and backlog cases.

Paragon said it had begun contacting landlords, brokers and managing agents to ensure they are aware and comfortable with the enhanced inspection processes.

It added that the safety of employees, customers and property occupants was top priority and as a result it was implementing a range of measures to minimise risks during inspections.

Managing director of mortgages Richard Rowntree said the lender was pleased to resume physical property valuations where it was safe to do so.

“We benefit from our own team of experienced surveyors so are well-positioned to resume our operations to pre-lockdown levels quickly,” he said.

£11.8m lockdown deal

Paragon has also completed £11.8m in funding for EquaGroup to assist the purchase of Ironbridge House (pictured) in Hanwell, London and the subsequent conversion into 57 residential apartments.

LEXI Finance brokered the deal covering the 28,000 sq ft West London commercial to residential conversion, which is due to complete in January 2022.

It is the fourth the lender has supported over the past two and a half years, totalling 144 residential apartments.

LEXI Finance co-founder, Nick Holding-Parsons, said the firm was delighted to support the project.

“The transaction became very complex as all parties adapted to the onset of government measures and the response to Covid-19,” he said.

“During this, Paragon not only stuck to their word with regards to the pricing and leverage of the original facility, they also showed great commerciality in the way they approached their decision making.”

EquaGroup director Mike Tivey noted the firm had now worked with Paragon on a number of projects.

“For Paragon to maintain this approach in a period where Covid-19 has impacted lending across the market is a credit to them and demonstrates an understanding that the supply of quality, affordable homes must continue,” he said.

Paragon development finance relationship director Adrian Reeves added: “It’s great to support EquaGroup on another scheme, providing more affordable residential apartments to the market.

“In the unprecedented time we find ourselves in, being able to support our existing and new clients is only possible with the support of our highly-experienced team and professional partners.”