Paragon launches sub-£1m loan product
Paragon Development Finance has launched a product for loans between £400,000 to £1m.
The offering is aimed at new-build residential developments with a sub-£1m funding requirement.
According to the lender, the launch reflects its intention to offer development finance to those housebuilders and developers with smaller projects.
It also outlined that the product will enable it to support clients during the earlier stages of their business growth and as they mature to larger-scale projects.
Robert Orr, managing director of development finance at Paragon, said: “Offering this sub £1m loan product will enable us to provide more tailored support to smaller house builders whilst aiding the growth of their business.
“This complements our existing residential development product range of loans from £1m to £30m.
“It also provides exciting opportunities for Paragon as a place to work, with added roles and progression opportunities as part of the enhanced team and product range.
“Developers want to work with a bank that is consistent, financially strong and has the experience and expertise to support their business.
“We have remained active throughout the coronavirus pandemic and our clients appreciate that commitment to the market.
“Our business pipeline is strong and the widening of lending criteria further supports our dedication to this sector.”