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.”