Akehurst Homes has secured a £7.9 million finance facility with Paragon Development Finance to support its latest new build project in New Romney, Kent.

The funding has enabled the company to acquire land to commence phase three of the New Romney development, which will consist of 34 two, three and four-bedroom homes. The development sits alongside playing fields and is within walking distance to schools, placing it at the heart of the community.

Akehurst Homes was established in 2009 by James Lench, locating and expanding property opportunities in the South of England. Development is at the centre of Akehurst Homes and the company is split between developing innovative and sustainable housing for sale and the procurement of planning permissions of land for onward sale.

New Romney is an historic Cinque Port and market town that’s rich in agriculture and a mile and a half from the seafront. With a high street containing many independent retailers, it is close to the Littlestone-on-Sea golf course, which has been used several times for the qualifying rounds of The Open Championship.

Paragon Development Finance is proud to support this development as Akehurst Homes puts significant sustainable consideration with profitable growth into its developments.

The funding is Paragon’s first deal with Akehurst Homes and was led on behalf of the bank by Relationship Director Toby Burgess, with support from Portfolio Manager Joshua Mann.

James Lench, Managing Director at Akehurst homes, said: “We’re pleased to work on our first project with Paragon, delivering high quality, innovative and sustainable homes in the historic town of New Romney.’

He added: “We have developed a strong working relationship with Toby and the team at Paragon. They have supported this project with Akehurst Homes, naturally and with ease. Paragon understands our business and are straightforward to deal with.”

Toby Burgess, Relationship Director, said: “This is our first loan for Akehurst Homes and we are delighted to be supporting them in what will be their third phase in New Romney. Our facility will enable James and the team to deliver 34 fantastic houses for sale on the open market. A big thank you to our professional advisers on the deal, including Pride Consulting IMS, Strutt & Parker and Glovers.”

For further information contact:

Michael Clarke
Head of Media Relations
Tel: 07740090746
www.paragonbank.co.uk 

Notes to editors:

Paragon provides competitive property development finance up to the value of £25 million across England and Wales.

Paragon Bank Development Finance Limited is a member of the Paragon Banking Group which is a FTSE 250 group based in Solihull in the West Midlands. Established in 1985, Paragon Banking Group has over £13 billion of assets under management and manages over 450,000 customer accounts.

Paragon Development Finance Limited. Registered in England number 03901943. Registered office 51 Homer Road, Solihull, West Midlands, B91 3QJ.