Bridging
Paragon provides £4.5m for residential development
Paragon Bank has provided a £4.5m fund to Bowbridge Homes to support the completion of a residential development with 30 homes.
The Bosworth Grange scheme in South Leicestershire will be comprised of three and four bed homes which are set for completion at the end of 2020 or beginning of 2021.
This senior debt development loan facility is the second deal Paragon has completed with Bowbridge Homes in the last two years.
Anil Sehmi, relationship director in Paragon’s development finance team, said: “It’s great to support Bowbridge on another scheme, providing more much-needed housing to the market.
“In the unprecedented time we find ourselves in, we are working hard to continue supporting both existing and new clients.”
Episode 2: Affordability : Powered by Partnership podcast from Newcastle for Intermediaries
Sponsored by Newcastle for Intermediaries
Oliver Purday, managing director at Bowbridge Homes, added: “This loan continues our relationship from previous schemes with Paragon.
“We like that they are pragmatic during the development and accept that there will need to be amendments to the programme or plans depending on individual issues that arise. They work with us to manage these issues correctly.”