The funding will support the delivery of Phase 3 of its Amber Waterside residential development in Cranleigh, Surrey.

Funding will support the construction of 110 new homes as part of the final phase of the wider lakeside scheme.

The scheme comprises 22 two bed houses, 48 three bed houses and 18 four bed houses, alongside 14 one bed apartments and eight two bed apartments.

Of the total homes, just under half are designated as affordable housing and have already been exchanged for sale. The overall scheme has an anticipated GDV of approximately £54m.

All units will have dedicated parking or driveways and access to extensive communal green space, with around 20% of the homes being fitted with air source heat pumps.

Paragon has a continued relationship with Nicholas King Homes and this marks the second development finance facility the bank has provided to the housebuilder.

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Nick Bilsland, chief executive at Nicholas King Homes, commented: “Phase 3 of Amber Waterside represents the culmination of a carefully planned and thoughtfully designed development which has created a distinctive new community in Cranleigh.

“The bank’s continued support has enabled us to progress the final phase with confidence and ensure we deliver the quality and sustainability standards established across the wider site.”

Oliver Powlesland, senior relationship director at Paragon Development Finance, said: “Amber Waterside is a vibrant, high quality scheme that will make a meaningful contribution to local housing supply in Cranleigh, including a significant proportion of affordable homes.

“I have worked with Nicholas King Homes for many years and know the strength of their delivery capability.

“We are pleased to support this latest scheme’s completion with a funding structure tailored to its needs and timelines.”