Paragon Bank Funds £26m for 170 Unit Housing Scheme in Essex

Posted by UK Property Forums on 24th August 2023 -

Paragon Bank has entered into a financial agreement with Chase Homes, offering a £26 million package to back a housing project in Saffron Walden, Essex.

The funding package, which includes a £24m revolving credit facility and a £2m VAT support package, will enable the acquisition of a 13-acre site at Thaxted Road.

The scheme is set to comprise 170 homes, split across 102 private and 68 affordable housing units.

Construction is anticipated to begin in Spring 2024, with completion expected by Spring 2027.

The deal was orchestrated by Simon Dekker, senior relationship director at Paragon and junior portfolio manager Izzy Sargeant.

Gary Barton, managing director at Chase New Homes, expressed delight at receiving the funding and thanked the Paragon team for their efforts.

Simon Dekker also expressed satisfaction in assisting Chase New Homes with the project, looking forward to its progress in the coming months and continuing collaboration with the team.

This funding marks a significant step in the development of housing in the region, reflecting Paragon’s commitment to supporting residential projects and Chase Homes’ dedication to providing exceptional service in the industry.

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