Paragon lends over £16m for luxury new homes in Devon

The development finance division at Paragon Bank has provided Burrington Estates (New Homes) with over £16m for the completion of a development of high-end homes in Topsham, Devon.

The bank originally funded over £15m towards the acquisition and development of 54 houses.

Subsequently, the team has refinanced the remaining units on a £1.7m six-month marketing facility.

Its involvement in the project allowed the developer to secure the purchase of the land and utilise the inherent uplift in planning value to minimise the amount of equity needed to fund the project.

Nick Marsham, corporate finance director at Burrington Estates, said: “We have a long-standing relationship with Paragon and the company provides a first-class service. 

“The flexible nature of the facility for this project and the speed of their lending and decision making enabled us to complete the site six months ahead of budget.”

Oliver Thompson, relationship director at Paragon, added: “It’s great to support Burrington on another scheme, providing more much-needed housing to the market.

“In addition to the initial funding, a revolving facility was provided for the EXIII development, committed for the entire duration of the project to enable the site to be developed efficiently.”

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