Paragon Bank

Paragon completes £2m loan for Epsom development targeting FTBs



Paragon Bank has provided a £2m funding package to London Property Ventures to support an Epsom-based housing development.

The facility was used for the purchase of the site through a land loan and will be used to fund the Aviary Court redevelopment.

The site, currently comprising of two vacant office buildings, will be extended and converted into 10 bespoke residential homes targeted at first-time buyers.

The homes will be privately gated and will all benefit from off-street parking.

The development falls under the government’s Help-to-Buy scheme, and offers the support of a 10-year structural warranty.

It is the second London Property Ventures’ scheme that Paragon has funded and is due to be completed in mid-2021.

Andrew Fairley, senior relationship director at Paragon, said: “It is great to be able to support with funding for this scheme as it aims to bring more much needed housing for first-time buyers in an area within easy reach to London.

“Over the past few months, it has been our priority to support both new-to-bank and existing clients, so we are pleased that we have been able to continue our relationship with London Property Ventures through assisting with the development of Aviary Court.”

Matthew Jordan, CEO of investment at London Property Ventures, commented: “There is a growing demand for property in areas that offer green spaces and access to the countryside, and Epsom is a great location that offers these benefits, while still being close to London. 

“We’re confident these homes will be popular with first-time buyers."

 


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