Paragon Bank provides developer Stephens and Stephens Developers Ltd with £5.9m to support new housing development
Paragon Bank has provided a £5.9m funding package to property developer Stephens and Stephens Developers Ltd to fund the development of The Boundary, 32 new homes in Truro, Cornwall.
The new development will comprise 32 two, three and four-bedroom new homes, each built to Stephens and Stephens’ signature high quality specification.
The funding from Paragon’s specialist Development Finance team has enabled Stephens and Stephens to deliver The Boundary scheme under their own brand, as both the developer and main contractor. The site is currently on schedule to be completed by Autumn 2020, with 65% of units already sold.
This scheme is the first by Stephens and Stephens that Paragon has supported. Paragon has since drawn down on two further deals with the developer, totalling over £13m. This includes a £5m funding package for Breakwater Pentire, five terraced town houses in Newquay and a £11.3m funding package for Cliff Edge, 39 luxury apartments, also in Newquay.
Paul Stephens, Director of Stephens and Stephens Developers Ltd, said: “Paragon’s Development Finance team is approachable, forward thinking and proactive. They have been a great support from day one and are considered part of our team. Their communication style is clear and they make themselves available to openly discuss progress at all stages.
“We now look at Paragon as part of our business structure, a lender that is willing to support multiple sites.”
Oliver Thompson, Relationship Director at Paragon, said: “It is great to be able to support with funding for this scheme and to help bring much-needed housing to the South West. Over the past few months, it’s been our priority to continue supporting the needs of both our current and new-to-bank clients and we are glad that we have been able to further our relationship with Stephens and Stephens through the support of two additional schemes.”
The Boundary is a high-end development of two to four-bedroom homes in Truro, Cornwall. The site is surrounded by mature trees, with its own private tree-lined drive and with the development being low in density, each home benefits from a sizeable garden.