The 28-month facility will support the development of the Grand Union Way canal-side project, which will consist of 28 three-, four- and five-bedroom homes due to be completed in the summer.

A further 19 affordable units are also being delivered as part of the scheme in conjunction with a housing association.

The deal was introduced to the lender by MPC Estates and was led on behalf of Paragon by relationship director Adrian Reeves and portfolio manager Bonnie McCloskey.

“We pleased to have been able to support Barry Howard Homes with this latest development,” said Adrian.

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“The company has built a fantastic reputation for delivering top quality homes over the past 30 years and this scheme will further cement that.”

Barry Howard, founder of Barry Howard Homes, commented: “Paragon was very easy to deal with; Adrian and his team have a great knowledge of the east Midlands and Northamptonshire housing market, and they know what works and what is popular with buyers.

“This scheme benefits from a vibrant village life, but also has close links to Daventry, Northampton and Rugby, which have fantastic transport links to London and Birmingham. 

“We have designed these family homes to enhance the village, offering good quality housing in a desirable location.”

Matthew Cleave, owner of MPC Estates, added: “Having worked successfully with Barry on a number of his transactions over the past few years, I knew that a relationship with Paragon would be very beneficial for the delivery of this scheme. 

“As always, Paragon has proven to be a reliable partner in securing the funding with the help of Adrian and Bonnie and I am sure there will be many more opportunities for similar projects in the future.”