The facility, arranged over 26 months, was used to refinance the existing debt related to the scheme and to complete its development.
The deal was introduced by David Rainford, property finance director at Cowgills, and was led by Paragon’s relationship director, Dave Rowlinson.
Dalbergia Group was the project management firm chosen for this deal, while Savills and DAC Beachcroft handled the valuation and legals, respectively.
The £6.4m GDV St. William’s Gate housing scheme will offer 23 two-, three- and four-bedroom houses.
Phase one of the project is sold out, and the company has just embarked on building and marketing phase two.
- You would be amazed by how many development proposals have inadequate or no contingency, claims QS
- Paragon lends £25.5m to support Watford Riverwell scheme
- Paragon hits £1.5bn development finance lending milestone
“Create Homes has forged a great reputation for delivering quality family homes in attractive locations,” said Dave.
“This scheme has already proved popular with phase one selling out quickly, and I’m sure phase two will be equally as popular.”
Paul Mathison, group chief executive at Create Homes, commented: “After the success of our first two residential developments in the region, we are really excited with this latest residential project.
“We are convinced that the quality of our homes and the rural setting allows us to offer an exceptional product.
“Dave and the team at Paragon completely understand the needs of SME housebuilders; they were efficient, flexible and able to deliver on what they promised.”