Paragon continues support for UK housing
Paragon Bank is continuing its support of residential development projects across London, providing an £11.8m funding package to EquaGroup to assist with the acquisition of a site known as ‘Ironbridge House’ in Hanwell and its subsequent conversion into 57 residential apartments.
This funding will enable EquaGroup to continue to serve its goal of suppling high quality, energy efficient and affordable homes. The company’s latest West London development is a 28,000 sq ft commercial to residential conversion due to complete in January 2022.
This is the fourth deal that Paragon’s development finance team has supported over the past two and a half years, totalling 144 residential apartments.
Mike Tivey, director at EquaGroup, said: “EquaGroup has now worked with Paragon on a number of projects primarily as result of their competitiveness, proactive team and effective process when establishing and completing the funding process.
“For Paragon to maintain this approach in a period where Covid-19 has impacted lending across the market is a credit to them and demonstrates an understanding that the supply of quality, affordable homes must continue.”
Adrian Reeves, relationship director at Paragon Development Finance, said: “It’s great to support EquaGroup on another scheme, providing more affordable residential apartments to the market. In the unprecedented time we find ourselves in, being able to support our existing and new clients is only possible with the support of our highly-experienced team and professional partners.”
EquaGroup was introduced to Paragon through LEXI Finance.
Co-founder of LEXI Finance, Nick Holding-Parsons, said: “LEXI Finance are delighted to support the completion of this project between Paragon and EquaGroup.
“The transaction became very complex as all parties adapted to the onset of government measures and the response to Covid-19. During this, Paragon not only stuck to their word with regards to the pricing and leverage of the original facility, they also showed great commerciality in the way they approached their decision making.”