Paragon Bank, the specialist lender, has provided £8 million for the second phase of a development for Horsnall Holdings. The development, named The Gate, will will be comprised of 64 homes, both one and two-bedroom apartments, in Loughborough.
Paragon’s Development Finance division are funding this second phase and also provided finance for the initial phase. It is the sixth development the lender has assisted Horsnall Holdings with.
Mark Horsnall, Director at Horsnall Holdings, said:“The support from Paragon has enabled more much-needed housing to be developed in the Loughborough area. The Gate offers high-quality housing in a convenient location, in the heart of Loughborough’s desirable Waterside Village.
“We have worked closely with Paragon for a number of years now on projects of varying sizes. The whole team has a great understanding of the industry and has always been keen to assist us with funding. Paragon’s continued support has helped us to grow our business significantly over the last few years. Monthly valuations and draw down are simple, hassle free and always paid within a few days of submission.”
Simon Dekker, Relationship Director at Paragon, said: “It is great to be able to continue our relationship with Horsnall and support the business with yet another scheme.
“Over the past few months, it has been our priority to support both new-to-bank and existing clients, so we are pleased that we are able to continue our relationship with the business through assisting with this development and those prior.”
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Earlier this week, Paragon revealed the results of its latest survey, which found that the buy-to-let market will focus on five-year remortgaging deals once the stamp duty holiday ends this March.