Paragon Development Finance launches 70% GDV development funding
Paragon Development Finance has launched 70% gross development value (GDV) funding, with the aim of strengthening its support of UK small to medium (SME) housebuilders.
The increase in maximum GDV for residential development finance complements the existing product range and allows Paragon to support clients across a wider range of projects.
Paragon also recently launched a sub-£1m lending product for smaller housebuilders, complementing the existing offering of up to £30m maximum loan size.
Robert Orr, managing director of Paragon Development Finance, said: “UK SME housebuilders are developing much needed new homes across the UK and access to finance from a committed, experienced and capable lender is vital.
“We always look at ways in which we can support customers and the move to 70% GDV funding is a further extension of that.
“As part of a successful, well-capitalised bank, all of our lending is completely off our own balance sheet, so customers have one point of contact and a seamless process with credit and due diligence.
“That is important to them as they look to get schemes off the ground.”