Paragon Bank provides £5.9m funding to support new housing development in Truro

Paragon Bank, the specialist lender, has facilitated property developer Stephens and Stephens Developers Ltd with a £5.9m development finance funding package to fund the development of The Boundary, 32 new homes in Truro, Cornwall.

The new development will consist of 32 two, three and four-bedroom new homes, each built to Stephens and Stephens’ signature high quality specification.

The funding was provided by Paragon’s specialist Development Finance team, and has enabled Stephens and Stephens to deliver The Boundary scheme under their own brand, as both the developer and main contractor.

Around 65% of the units are already sold, with the site currently on track to be completed by the end of Autumn 2020.

This scheme is the first scheme that Stephens and Stephens have worked with Paragon on. Paragon has since drawn down on two further deals with the developer, including a £5m funding package for Breakwater Pentire, five terraced town houses in Newquay and a £11.3m funding package for Cliff Edge, 39 luxury apartments, which is also in Newquay.

Paul Stephens, Director of Stephens and Stephens Developers Ltd, said: “Paragon’s Development Finance team is approachable, forward thinking and proactive. They have been a great support from day one and are considered part of our team. Their communication style is clear and they make themselves available to openly discuss progress at all stages.

“We now look at Paragon as part of our business structure, a lender that is willing to support multiple sites.”

Oliver Thompson, Relationship Director at Paragon, said: “It is great to be able to support with funding for this scheme and to help bring much-needed housing to the South West. Over the past few months, it’s been our priority to continue supporting the needs of both our current and new-to-bank clients and we are glad that we have been able to further our relationship with Stephens and Stephens through the support of two additional schemes.”

Original article featured here…

The Boundary is a high-end development of two to four-bedroom homes in Truro, Cornwall.

Surrounded by trees, the site has its own private tree-lined drive with each home benefitting from a sizeable garden.

source https://commercial-mortgages-broker.co.uk/paragon/paragon-bank-provides-5-9m-funding-to-support-new-housing-development-in-truro/