The finance has facilitated the purchase of the 13-acre site at Thaxted Road and will support the development costs of the scheme, providing up to 102 private and 68 affordable units.

The funding consists of a £24m revolving credit facility and a £2m VAT support package.

Construction is expected to commence in Spring 2024 and to be completed by Spring 2027.

Located in Northwest Essex — with plenty of independent shops and cafes — Saffron Walden is 15 miles south of Cambridge and commutable to London.

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The deal was led by Simon Dekker, senior relationship director at Paragon, with support from junior portfolio manager Izzy Sargeant. 

Gary Barton, MD at Chase New Homes, commented: “We are delighted to receive funding from Paragon for our latest development at Thaxted Road.

“We strive to provide an exceptional service and it is this ethos and commitment that has helped us grow a strong brand within the industry over the years.

“Paragon plays a crucial role in delivering developments for our customers and I would personally like to thank Simon Dekker and Izzy Sargeant for their valued and combined efforts to secure this funding.”

Simon added: “We are pleased to assist Chase New Homes with this scheme [and] we look forward to seeing it take shape over the coming months, [while] continuing our relationship with the team.”