A housing developer has been given a near-£4.5 million funding package to help it complete a south Leicestershire scheme.
Bowbridge Homes has gained the finance from Paragon Bank to help it complete Bosworth Grange, in the South Leicestershire village of Husbands Bosworth.
The scheme will provide 30 properties in all, with a mixture of three and four bed “high specification” homes.
Paragon provided the senior debt development loan facility to enable the scheme to be built out.
Oliver Purday, managing director at Bowbridge Homes, said: “This loan continues our relationship from previous schemes with Paragon.
“We like that they are pragmatic during the development and accept that there will need to be amendments to the programme or plans depending on individual issues that arise.
“They work with us to manage these issues correctly.”
Anil Sehmi, relationship director in Paragon’s development finance team, said: “It’s great to support Bowbridge on another scheme, providing more much-needed housing to the market.
“In the unprecedented time we find ourselves in, we are working hard to continue supporting both existing and new clients.”
This is the second deal that Paragon have supported Bowbridge Homes with over the past two years.
The homes of Bosworth Grange are planned for completion towards the end of 2020 or start of 2021.
Each has been designed to suit the characterful setting of Husbands Bosworth and will be centred around their own village green.
Paragon Bank Development Finance is a member of the FTSE 250 Paragon Banking Group, based in Solihull in the West Midlands.
Established in 1985, the banking group has more than £12 billion of assets under management and manages more than 450,000 customer accounts.
Paragon provides property development finance up to the value of £25 million across England and Wales.
