Paragon Bank, the specialist lender, has provided a £2m development finance funding package to London Property Ventures to support an Epsom-based housing development.
The funding was required for a land loan to purchase the site and will be used to fund the Aviary Court redevelopment.
The site – which currently comprises of two vacant office buildings – will be extended and converted into 10 bespoke residential homes to be specifically targeted at first-time buyers.
The homes will also be privately gated and will all provide off-street parking.
The development is included in the government’s Help-to-Buy scheme, and offers the support of a 10-year structural warranty.
This development is the second London Property Ventures’ scheme that has been funded by Paragon, and it is due to be completed in mid-2021.
Andrew Fairley, senior relationship director at Paragon, said: “It is great to be able to support with funding for this scheme as it aims to bring more much needed housing for first-time buyers in an area within easy reach to London.
“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 have been able to continue our relationship with London Property Ventures through assisting with the development of Aviary Court.”
Matthew Jordan, CEO of investment at London Property Ventures, commented: “There is a growing demand for property in areas that offer green spaces and access to the countryside, and Epsom is a great location that offers these benefits, while still being close to London.
“We’re confident these homes will be popular with first-time buyers.”
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Matt Lenzie Founder of Commercial Mortgages Broker said: “it is great to see Paragon’s support for this development finance in Epsom, which is a very stable residential area even during uncertain times.”
The news comes after Paragon Bank’s development finance division recently appointed a new relationship director to continue the strengthening of its presence in the North West.
The lender’s latest recruitments are part of Paragon’s development finance team’s strategic plan to expand and strengthen its presence in regional markets.