Paragon Bank has provided an £8.7 million funding package to Mulberry Homes (Redhill) Ltd to support a Surrey-based housing development of 57 apartments.
The funding from Paragon’s Development Finance division has enabled the refinance of the freehold of the site at Brook Road, Redhill. It has also supported the build costs in order to complete the project, which are estimated at £6.5 million. The site will comprise 57 one and two-bedroom apartments.
It is the first Mulberry Homes scheme that Paragon has supported and is due to be completed in spring 2022. Mulberry was referred to Paragon by broker, Chartmead Ltd.
Stewart Penney, Director at Mulberry Homes, said: “The support from Paragon has been vital in enabling us to continue with the development of the site, of which we obtained planning permission for twelve months ago. The development will bring more much-needed housing within easy reach of London.
“The process has been smooth and any issues were dealt with very pragmatically by the Development Finance team at Paragon.”
Steve Mountain, Senior Relationship Director at Paragon, said: “It is great to be able to support Mulberry Homes with funding for this scheme.
“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 are able to begin building our relationship with Mulberry through assisting with this development.”
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