Paragon backs Burrington Estates with £16m funding
Paragon Bank’s development finance division has provided funding of over £16m to support luxury developer Burrington Estates (New Homes) with the completion of EXIII Topsham, a development of high-end homes in Devon.
Paragon originally funded over £15m towards the acquisition and development of 54 houses.
Subsequently, the team has recently refinanced the remaining units on a £1.7m six-month marketing facility.
Paragon’s involvement allowed Burrington to secure the purchase of the land and utilise the inherent uplift in planning value to minimise the amount of equity needed to fund the project.
Nick Marsham, corporate finance director at Burrington Estates, said: “We have a longstanding relationship with Paragon and the company provides a first-class service.
“The flexible nature of the facility for this project and the speed of their lending and decision making enabled us to complete the site six months ahead of budget.
“Oliver Thompson and Daniel Cresswell from the team are always quick to respond, commercial and flexible in their approach and they are a pleasure to deal with.
“This project at Topsham is one of many successful projects that Paragon have helped us to deliver.”
Oliver Thompson, relationship director at Paragon, said: “It’s great to support Burrington on another scheme, providing more much-needed housing to the market.
“In addition to the initial funding, a revolving facility was provided for the EXIII development – committed for the entire duration of the project to enable the site to be developed efficiently.”