Paragon funds £4.3m Bournemouth redevelopment scheme

Published on

Paragon Bank’s development finance division has provided a £4.3 million finance package to support the development of 10 flats and two semi-detached homes by Stonehaven in Meyrick Park, Bournemouth.

Situated close to the centre of the town, the funding will see the renovation and conversion of a former house of multiple occupancy with the new three-bedroom semi-detached properties to be added on the existing site.

The redevelopment of the site is due to commence in mid-2023 and expected to be complete in 2024.

Senior funding for the development was led on behalf of the bank by relationship director Adrian Reeves, with support from portfolio manager Jess Pilkington.

Further equity for the development was provided by Blazehill Capital Finance.

Steve Beales, managing director of Stonehaven Holdings, said: “Our new development is set to provide the ideal opportunity for those looking to enjoy the benefits that Meyrick Park has to offer. Ideally located for the town centre and seafront, new residents will soon be able to enjoy these superb properties.

“Paragon has been the ideal funding partner for this development. Adrian and the team understood our vision for the site and ensured that we were able to proceed.”

Reeves added: “I am delighted that Paragon is assisting Stonehaven in bringing new properties to the market in a much sought-after location. With work soon set to commence, I look forward to following its progress in the months ahead.”

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Rosemount Financial adds 10 new advisers as growth trajectory continues

Rosemount Financial Solutions (IFA) has expanded its adviser network once again, adding 10 new...

Hope Capital targets refurb market with high-LTV bridging product

Hope Capital has launched a new bridging loan product offering 75% net initial advance. It...

Savvy summer sellers deliver strongest July sales since 2020

July delivered the highest number of sales agreed for this month since 2020 as...

Newcastle for Intermediaries removes age cap on standard repayment mortgages

Newcastle for Intermediaries has abolished the maximum age limit for the repayment of standard...

Rising cost of living could stall housing market activity

The rising cost of living remains the most pressing concern for Britons and could...

Latest publication

Latest opinions

Tuning into later life lending conversations

There are certain conversations in our profession that can genuinely change the course of...

Right of Light risks: a looming shadow over construction projects

Gone are the days when a Right of Light infringement could be swiftly dealt...

Could a move to ‘enhanced advice’ also mean mandatory protection conversations?

The FCA’s recent Mortgage Market Discussion Paper (DP25/2) has got the industry talking about...

Take off the rose-tinted glasses and stop chasing a rate cut

Every six weeks the financial world raises its eyebrows at the prospect of a...

Other news

Rosemount Financial adds 10 new advisers as growth trajectory continues

Rosemount Financial Solutions (IFA) has expanded its adviser network once again, adding 10 new...

Tuning into later life lending conversations

There are certain conversations in our profession that can genuinely change the course of...

Hope Capital targets refurb market with high-LTV bridging product

Hope Capital has launched a new bridging loan product offering 75% net initial advance. It...