Finance News

Paragon Bank Finance Delivers Much Needed Housing in London

Em Morley - April 28, 2017

Paragon Bank is celebrating the delivery of much needed housing in Catford, southeast London through its development finance loans.

Paragon Bank Finance Delivers Much Needed Housing in London

Paragon Bank Finance Delivers Much Needed Housing in London

The housing scheme in London is the result of the first loan the development finance team approved over a year ago.

Since launching in November 2015 with an initial focus on residential projects across London and the South East, Paragon Bank is now funding schemes elsewhere in the country.

The homes in Catford are a result of a 16-month development worth over £1.7m, which has seen a disused office building converted into five mews houses. The terraced properties are aimed at families, and come with three bedrooms and two bathrooms.

Since launching, the development finance team has expanded beyond the South East, and now has sales representatives in both the Midlands and the north of England. The team offers competitive loans ranging from £500,000 to £10m.

The Development Finance Director at Paragon Bank, Fintan O’Riordan, says: “Progress on this development has been excellent and it is great to see the first loan we approved now delivering homes. Small-scale builders and developers have an increasing role to play in helping deliver the housing the country needs, and development finance is key to facilitating this.

“It has also been fantastic to assist a highly experienced developer on this project. Our business is based upon developing meaningful relationships with experienced developers.”

The development at Colbeck Mews, Catford is here on Rightmove:

Other features of Paragon Bank’s development finance product include:

  • Interest and fees defined at the outset, with no additional fees for achieving a higher sales figure on final development
  • Finance for up to 80% of development costs for the strongest propositions
  • Competitively priced senior debt funding solutions

Are you looking to get involved in a similar project? Perhaps you could deliver much needed housing in parts of the country that are suffering!