Paragon originally funded £15m towards the acquisition and development of 54 houses at the EXIII Topsham site. Since then, the remaining units have been refinanced on a £1.7m six-month marketing facility.
This allowed Burrington to secure the purchase of the land and use the increased planning value to minimise the amount of equity needed to fund the project.
Nick Marsham, corporate finance director at Burrington Estates, said: “We have a long-standing relationship with Paragon and the company provides a first class service.
“The flexible nature of the facility for this project and the speed of their lending and decision making enabled us to complete the site six months ahead of budget.
“Oliver Thompson and Daniel Cresswell from Paragon are always quick to respond, commercial and flexible in their approach and they are a pleasure to deal with. This project at Topsham is one of many successful projects that Paragon have helped us to deliver.”
Oliver Thompson, relationship director at Paragon, added: “It’s great to support Burrington on another scheme, providing more much needed housing to the market.
“In addition to the initial funding, a revolving facility was provided for the development – committed for the entire duration of the project to enable the site to be developed efficiently.”