Residential developer Farleigh secures £4m Paragon Bank funding to support new housing development
Paragon Bank has provided a £4m funding package to London-based developer Farleigh to fund the development of Mulberry House, 25 new homes in Dorking, Surrey.
Mulberry House will comprise 25 exclusive apartments, each built to Farleigh’s high specification. The funding from Paragon’s specialist Development Finance team has enabled the business with both the acquisition and development of the site.
Development of Mulberry House is due to be completed in November 2021. Farleigh have already approached Paragon for further support on a second scheme, which is due to complete at the end of February.
Robert Mulligan, co-founder of Farleigh, said: “This support from Paragon is enabling the conversion of the former offices into a collection of high specification apartments.
“Paragon’s development finance team worked with us from day one to understand the structure of the deal and to tailor the terms and offering to meet our needs. The business worked with our tight timeframes to ensure that we got the deal done.”
Adrian Reeves, relationship director at Paragon, said: “During the recent difficult times, it’s been our priority to continue supporting the needs of both our current and new-to-bank clients so we are really pleased to have been able to begin building a relationship with Farleigh.
“We look forward to furthering our support for Farleigh by funding an enhanced planning permission on the site in due course, as well as another scheme which is due to start construction in the coming months.”
Founded in 2016, Farleigh is a privately- owned development and investment company based in London.