Paragon kicks off its Green Homes Initiative with £5.3m funding for Shorewood Homes
Paragon Development Finance has completed a deal under its Green Homes Initiative, providing a £5.3m funding package to Shorewood Homes for its new build development in Winchester.
Shorewood Homes’ development consists of eight family houses over two sites located on Chilbolton Avenue, Winchester. The development is set to achieve an Energy Performance Certificate rating of A, with the company using the latest materials and construction techniques to produce homes that minimise their environmental impact.
Paragon’s Green Homes Initiative aims to support SME housebuilders developing new domestic properties with the highest energy performance standards. Under the scheme, developers delivering homes with an Energy Performance Certificate rating of A will receive a 50% reduction on loan exit fees.
The deal was led on behalf of Paragon by relationship director Toby Burgess, with support from portfolio manager Joshua Mann. Paragon was advised by Brecher LLP, CBRE and MDA Consulting and the deal was introduced by Citygate Commercial Finance.
Shorewood Homes is a leading property development company, focusing on Winchester and the wider Hampshire area. The company aims to create sustainable homes which fit well within the traditional environment of Winchester, with period-style features.
Richard Wickins, director at Shorewood Homes, said: “We’re delighted to start work on these two developments in Winchester, and proud that it is one of the first deals under Paragon’s Green Homes Initiative. We deliver developments on-time and to an exceptional quality, so we are confident the new development will prove popular with buyers. These homes will be built to ensure that they are of the highest energy efficiency, benefitting occupiers’ energy costs and the environment.
“We have developed a strong relationship with Toby and the development finance team; we value their understanding of our business and how efficient they are to deal with.”
Toby Burgess, Paragon Development Finance relationship director, said: “Shorewood Homes has built a reputation for providing quality housing in Hampshire and we are delighted to be supporting them for the second time. The eight houses that we are funding are expected to reach the highest energy performance rating, meaning Shorewood will benefit from Paragon’s Green Homes Initiative exit fee discount. Providing funding to support the creation of energy efficient homes is of huge importance to the bank and I look forward to working with Richard and the team.”
Robert Orr, Paragon Development Finance managing director, added: “We are delighted to have completed this deal under our Green Homes Initiative, which aims to support those developers building the most energy efficient properties. We have a number of further deals in the pipeline and we hope these will complete soon.”