Paragon Bank has entered into a financial agreement with Chase Homes, offering a £26 million package to back a housing project in Saffron Walden, Essex. This initiative will comprise 170 housing units.

The funding package, which includes a £24 million revolving credit facility and a £2 million VAT support package, will enable the acquisition of a 13-acre site at Thaxted Road. It will also cover the development costs, resulting in 102 private and 68 affordable housing units.

Construction is anticipated to begin in Spring 2024, with completion expected by Spring 2027. The location, Saffron Walden, is known for its independent shops and cafes and is conveniently situated 15 miles south of Cambridge, making it commutable to London.

The deal was orchestrated by Simon Dekker, senior relationship director at Paragon, and junior portfolio manager Izzy Sargeant. Gary Barton, MD at Chase New Homes, expressed delight at receiving the funding and thanked the Paragon team for their efforts.

Simon Dekker also expressed satisfaction in assisting Chase New Homes with the project, looking forward to its progress in the coming months and continuing collaboration with the team.

This funding marks a significant step in the development of housing in the region, reflecting Paragon’s commitment to supporting residential projects and Chase Homes’ dedication to providing exceptional service in the industry.