Paragon Bank has provided a £10 million revolving credit facility to support a £30 million residential development in Ascot by specialist developer Beechcroft.

The scheme, set within 13 acres of mature grounds, will deliver 27 apartments and nine houses, combining new-build homes with the restoration of a Grade II listed building.

Construction is due to begin shortly, with the first completions expected in spring 2026.

Although Beechcroft is best known for its retirement developments, the Ascot project – created by its Special Projects division – will be available on the open market, with full-time occupancy limited to residents aged over 16.

The development will feature landscaped communal gardens, a tennis court and Beechcroft’s Healthihouse specification, which incorporates features designed to promote wellbeing and reduce environmental impact. These include antimicrobial switches and handles, non-porous work surfaces, hygienic bathroom panels and whole-house ventilation systems delivering filtered air.

Ascot’s amenities, including its high street and racecourse, are within a short drive, while nearby Sunningdale and Sunninghill offer train connections to London Waterloo and a mix of restaurants, pubs and cafés.

The funding marks Paragon’s first deal in this sector and reflects its strategy of diversifying its development finance portfolio. The bank has recently extended its reach into other residential asset classes, including build-to-rent and purpose-built student accommodation.

Beechcroft, which is backed by the Carlyle Group, has developed more than 75 schemes across the Home Counties and the Cotswolds since its founding in 1984. The Ascot project forms part of its ongoing expansion into high-quality residential developments in prime locations.

Paragon’s funding package also includes additional finance for a later-living scheme in Caversham, Reading.

James Helmore, relationship director at Paragon Bank, said: “We’re proud to support Beechcroft in delivering this outstanding scheme in Ascot. The company’s reputation for quality and attention to detail is second to none, and this development will provide much-needed, thoughtfully designed homes in a prime, in-demand location.”

Chris Thompson, managing director of Beechcroft, added: “We’re delighted to be working with Paragon Bank on this exciting project. We appreciate the bank’s flexible funding approach and its recognition of the growing later-living sector will prove invaluable as we plan for future developments.”