The client, an established housebuilder in the region, will use the facility to deliver 51 family homes, eight of which will be affordable.   

The housebuilder, which secured the 15-month loan at 71.5% LTGDV with a total cost facility of £13m, will also be able to take equity out of the scheme and use it for other projects.

The exit plan will be the sale of the units.

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“We are delighted to have completed this first transaction for an impressive and ambitious client,” said Sean O’Leary, founder of Mackenzie Byrne.

Simon Dekker, senior relationship director at Paragon, added: “It’s been great to work with Mackenzie Byrne’s team to facilitate a peak debt facility for a new-to-bank client.

“The new scheme promises to deliver 51 family homes to a picturesque area in Shropshire; we look forward to seeing the completed project and continuing our partnership with Mackenzie Byrne and the client.”