Chase New Homes has secured a £26 million finance package from Paragon Bank’s Development Finance division to support its 170-unit housing scheme in Saffron Walden, Essex.
The finance has facilitated the purchase of the 13-acre site at Thaxted Road and will support the development costs of the scheme, providing up to 102 private units and 68 affordable units.
The funding package provided by Paragon Bank consists of a £24 million revolving credit facility and a £2 million VAT support package.
Construction is expected to commence in Spring 2024 and to be complete by Spring 2027.
The new finance facility strengthens Paragon’s relationship with Chase New Homes, a successful, independent developer that specialises in residential and commercial schemes in the Home Counties and north London.
Paragon helped finance both phases of the company’s Scholars Broxbourne scheme in Hertfordshire. This included the construction of a new state-of-the-art school and 138 new homes, as well as 18 apartments.
Saffron Walden is a medieval market town rich in heritage. Located in North West Essex, with plenty of independent shops and cafes, the town is only 15 miles south of Cambridge and commutable to London.
The deal was led on behalf of Paragon by Senior Relationship Director Simon Dekker, with support from Junior Portfolio Manager Izzy Sargeant.
Gary Barton, Managing Director of Chase New Homes, said: “We are delighted to receive funding from Paragon Bank for our latest development at Thaxted Road. The team at Chase is passionate about designing and creating high quality homes. We strive to provide an exceptional service and it is this ethos and commitment that has helped us grow a strong brand within the industry over the years.
“Our strong relationship with Paragon continues to grow with the funding for Thaxted Road. Paragon plays a crucial role in delivering these superb developments for our customers and I would personally like to thank Simon Dekker and Izzy Sargeant from Paragon Bank for their valued and combined efforts to secure this funding.”
Simon Dekker, Paragon Bank Development Finance Senior Relationship Director, said: “We are pleased to assist Chase New Homes with this exciting scheme in Saffron Walden. We look forward to seeing the scheme take shape over the coming months and continuing our relationship with the team.”
For further information contact:
Annette Coyle
Media Relations Executive
E: [email protected]
www.paragonbank.co.uk
Notes to editors:
Paragon provides competitive property development finance up to the value of £35 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 £14 billion of loan assets under management and manages over 350,000 customer accounts.
Paragon Development Finance Limited. Registered in England number 03901943. Registered office 51 Homer Road, Solihull, West Midlands, B91 3QJ.