Paragon provides £4.6m to Archway for Northampton development
Paragon Bank has provided a £4.6m funding package to residential property developer Archway Developments to support the development of The Lakes, fourteen executive homes in Northampton.
The funding has enabled Archway to get the scheme off the ground and construction of the development is due to begin shortly, with completion expected in September 2021.
Paragon has also provided Archway with a funding package of £2.1m for the construction of eight flats in Aston Clinton, Buckinghamshire.
Anthony Perry, director at Archway Developments, said: “In a difficult environment, where many of us have been working from home, smooth processes and communication from the team at Paragon brought everyone together to focus on the items that needed sorting quickly and efficiently.
“As a developer, you always want to be as certain as possible that the deal will proceed to draw down and at no point were we in any doubt that this would happen.
“Paragon’s development finance team has consistently delivered excellent service, getting the funding in place within four weeks through commitment to providing top quality service.”
Anil Sehmi, relationship director at Paragon, said: “It is great to be able to help support the UK’s housing needs and also ensure that Archway can deliver The Lakes scheme to a high standard and at speed, despite the recent difficult times.”