Paragon Bank

Hockley Developments secures £1.6m funding from Paragon Bank

Paragon Bank has provided a £1.6m development finance loan to Hockley Developments for the conversion of a care home into residential apartments.

The facility will be used to purchase and develop the former care home in Nottingham into Millbeck House, a scheme consisting of 26 self-contained flats.

The development — which is expected to complete in May 2021 — will offer a mix of one- and two-bedroom properties with Help to Buy available.

This is the first scheme that Paragon has supported Hockley Developments on.

Anil Sehmi, Midlands-based regional 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 to the East Midlands, particularly suited to first-time buyers with the availability of the Help to Buy scheme.

“Over the past few months, it has been our priority to support both new-to-bank and existing clients, so we are looking forward to hopefully continuing our relationship with Hockley Developments.”

Alan Forsyth, managing director at Hockley Developments, commented: “From the first phone call with the team at Paragon, I felt the service provided was right for us at Hockley Developments.  

“The team has been very efficient and straightforward to deal with, and has always been available when required.  

“[Paragon] has always been quick to meet us on site and understand our business, [and] we felt valued as a client very quickly.”

He added that Hockley had enjoyed working with Paragon and would hopefully continue to do so as they continued to grow over the next five years.

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