Create Homes secures £4m Paragon funding package
Create Homes has secured a £4m funding package from Paragon Development Finance to support its 23 home development in Pilling, Lancashire.
The Blackpool-based company’s St William’s Gate development will consist of 23 two, three and four-bed houses.
Phase One of the scheme is sold out, and the company has just embarked on building and marketing Phase Two.
Paragon’s funding has enabled Create Homes to refinance existing debt related to the scheme, as well as completing the project.
The deal was led on behalf of Paragon by relationship director Dave Rowlinson, who focuses on the North West.
The funding has been arranged over 26 months and the scheme total gross development value (GDV) stands at £6.4m.
Paul Mathison, group chief executive of Create Homes, said: “After the success of our first two residential developments in the region, we are really excited with this latest residential project.
“We are convinced that the quality of our homes and the rural setting allows us to offer an exceptional product – the quality of which will be the best in the area.
“Dave and the team at Paragon completely understand the needs of SME housebuilders.
“They were efficient, flexible and able to deliver on what they promised.”
Rowlinson added: “Create Homes has forged a great reputation for delivering quality family homes in attractive locations.
“This scheme has already proved popular with Phase One selling out quickly and I’m sure Phase Two will be equally as popular.”