Paragon Bank

Paragon completes £4.9m loan for Portishead residential scheme

Paragon Bank’s development finance division has provided a £4.9m loan for Complete Project Development’s (CPD) new build ‘ARC’ apartment scheme in Portishead.

The 26-month facility will cover the cost of the land purchase and finance the development of 26 one-, two- and three-bedroom flats, including a penthouse.

The funding was led on behalf of Paragon Bank by relationship director Adrian Reeves, with support from portfolio manager Bonnie McClosky.

Adrian said: “CPD is a growing development company that focuses on high quality; it has a fantastic track record in producing stylish homes that people want to live in and we’re confident the ARC will be just the same.”

Jonathan Turner, director at CPD, added: “The ARC benefits from a fantastic location on the fringes of Portishead Marina, ideally located for the marina itself, but also the shops, bars and leisure facilities that this burgeoning area has to offer. 

“Paragon saw the potential of the scheme immediately and was the perfect finance partner to work with. 

“The process was smooth and enabled us to progress with the scheme with confidence.” 

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