Paragon Bank furthers support for the South West with tenth deal for Acorn Property Group
Paragon has provided Acorn Property Group with a £4.9m loan to support the acquisition of a site in Padstow town centre and its development into ten luxury apartments.
Divided across three new buildings, The Padstow Collection is an exclusive development of ten, two and three-bedroom homes with views of the Camel Estuary.
Melanie Omirou, group managing director and funding director of Acorn Property Group, commented: “We have established a strong working relationship with Paragon over the years and are pleased to be once again working with them on our exciting new scheme in a truly wonderful location in Padstow.
“We very much enjoy working with Paragon’s development finance team and the knowledge they have of the housebuilding industry and our requirements always ensures a smooth process.”
Nigel Jackson, relationship director at Paragon, said: “I am delighted to support Acorn, who are an excellent and long-standing client, on another exciting development in the South West of England, an area that they know very well.
“It has always been our priority to support both new-to-bank and existing clients, even more so during these uncertain times, so we are looking forward to continuing our relationship with Acorn and furthering our support for housing growth in this region of the UK.
“The latest RICS Residential Market Survey showed that during October 2020, the number of people looking to buy a new property across the South West remained positive for the sixth consecutive month. In line with the growing demand and the pandemic triggering a shift in buyer preferences, the number of new properties being listed for sale also increased.”
Paragon has been strengthening its support for housing growth across the regions, including in the South West, providing over £200m of funding for numerous South West schemes. Support throughout 2020 included Redland Court by Juniper Homes, The General by City and Country and Brooks Dye Works by Galliard Homes and Acorn Property Group.
Support for this region has been recognised as Paragon’s development finance team has been nominated in multiple categories in the upcoming Bristol Property Awards.