Paragon

Developer secures £24m of funding from Paragon to refinance partially completed scheme in Bethnal Green



Paragon Bank has provided a £24.3m funding package to Aitch Group to complete a mixed-use development in Bethnal Green, London.

The Empress Works scheme — which is situated beside Regent’s Canal — comprises 58 residential units and 6,990 sq ft of ground-floor commercial space. 

Paragon’s funding has enabled the refinance of the partially completed project, so that its competition date of March 2021 remains on track. 

The specialist bank has previously provided the private developer with over £34m of funding to assist with the development of 103 residential units in Hackney Wick.

“I have had a relationship with Aitch Group for over 20 years, so it is great to be able to support them again with funding for this scheme in Bethnal Green,” commented Nigel Jackson, relationship director at Paragon.

“During the recent difficult times, it’s been our priority to continue supporting the needs of both our current and new-to-bank clients.”

Aitch Group was founded in Hackney in 1995 by its CEO Henry Smith and specialises in developments across London and the Home Counties. 

It has built more than 3,000 homes over the past 25 years.

“This funding package enables the company to meet its goal of finalising the project by March next year, despite the challenges created by coronavirus,” said Henry.

“Paragon’s development finance team was excellent, working tirelessly and with true commerciality to arrange and complete the refinance for the Empress Works scheme in a timely manner.”


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