The new funding comes after recently launching a sub £1m lending product for smaller housebuilders, complementing the existing offering of up to £30m maximum loan size. Combined with the new 70% GDV product, these initiatives will assist SME housebuilders in their vital role to deliver the UK’s housing needs.
Robert Orr, Managing Director of Paragon Development Finance, said: “UK SME housebuilders are developing much needed new homes across the UK and access to finance from a committed, experienced and capable lender is vital. We always look at ways in which we can support customers and the move to 70% GDV funding is a further extension of that.
“As part of a successful, well-capitalised bank, all of our lending is completely off our own balance sheet, so customers have one point of contact and a seamless process with credit and due diligence. That is important to them as they look to get schemes off the ground.”
