This funding will be used by SME developer Aldenham Residential to deliver 34 residential units on the site, alongside two ground floor and one basement commercial unit.

Funding has been provided to BQ Properties, the SPV set up by Aldenham for this scheme.

The 22-month facility will support build costs, professional fees, marketing costs and interest across the construction period.

The scheme will be delivered by Boom Construction, BQ’s in-house main contractor.

Located on St Peter’s Street, this scheme is being designed to provide one-, two- and three-bedroom apartments across two neighbouring plots.

With air source heat pumps, photovoltaic panels and water waste heat recovery, this scheme has a total projected GDV of £23.5m once complete.

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The scheme is led on behalf of the bank by Paragon senior relationship director Adrian Reeves, with support from senior portfolio manager Lilly Sargeant.

“This is a well-located scheme in one of the South East’s strongest residential markets, built by a skilled and reputed developer with a proven delivery record,” said Adrian.

“This latest facility has been intentionally structured to support the build through to completion, recognising the appeal of the location and depth of experience behind the project.”

This is the second scheme Paragon has worked on with Aldenham Residential.

Mark Quinn, director at Aldenham Residential, added: “We are pleased to be working with Adrian and Paragon again.

“Their support has enabled us to move forward and deliver the site with confidence, building on our track record of delivering well-located, design-led developments across Hertfordshire and the Home Counties.”