The loan has been made to refinance phase one of City & Country’s Manningtree Park Scheme, helping to deliver the remaining 68 units with 19 already having been sold.

Manningtree Park has planning permission for 485 homes in total with these to be delivered in phases over the coming years.

The properties consist of one and two-bedroom flats, and one to five-bedroom terraced, semi-detached and detached houses.

Paragon has worked with City & Country before on several of its schemes. The firm’s relationship manager James Helmore, led by portfolio manager Megan Andreou, led the deal.

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James said: “It has been a pleasure to work with the City & Country team again and we are delighted to be involved in this landmark development in Manningtree.”

“Our working partnership with Paragon Bank has gone from strength to strength since we began working together,” added Wayne Douglas, managing director of City & Country.

“This financial investment into our operations has meant we have been able to deliver high-quality housing across the UK, support local communities, facilitate job creation and social value to the area as well as create sustainable environments, where people live, work and thrive.