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Paragon supports residential development projects with £18m funding package for Norfolk scheme

Paragon Bank is continuing its support for residential development projects, providing a £18 million funding package to new client and property developer, Halsbury Homes, to fund 81 detached homes at the desirable St George’s Park, Loddon.

The funding will enable Halsbury to complete the remainder of the project over the next two years. To date, construction has been carried out in phases of smaller unit numbers but the support from Paragon will mean that the project can be finished earlier than originally expected.

Jason Green, Chief Executive Officer at Halsbury Homes, said:

We are very pleased to be partnering with Paragon. Its reputation as a long-term and experienced residential development lender is what attracted us to the bank. Closing the financing during this uncertain period underlines its commitment to, and deep understanding of, the housebuilding sector. 

With Paragon's support behind us, we are primed to complete the remainder of our Loddon site and deliver the high-quality housing Norfolk so desperately needs.

There will be over 200 two, three, four and five bedroom luxury housing units on the site following completion, each with Georgian design and benefiting from a desirable location on the edge of the beautiful Norfolk Broads.

Steve Hallam, Senior Relationship Director at Paragon, said:

We are continuing to support both our existing customers and also new clients such as Halsbury. Our financing will help Halsbury to complete this highly attractive housing development, delivering much needed new homes into the local community.

Paragon Banking Group PLC.  Registered in England number 2336032.  Registered office 51 Homer Road, Solihull, West Midlands  B91 3QJ.