£7.14 million facility will assist with the construction of 89 new homes in Esh Winning.

The bank provided a £16.3m residential development facility for the project, across a 15-month term.

The 60% LTGDV facility is for 18 months and is priced at a 5% margin

The borrower plans to redevelop an exclusive Grade II Listed townhouse on super-prime residential location, South Audley Street.

The development exit loan was structured with a short 12-month term to align with the anticipated rapid sales of the properties.

The lender completed the loan for an experienced property developer in just 12 days.

Paragon Bank’s Development Finance division has exceeded £3bn in development finance lending following the acquisition of Titlestone in July 2018.

The seasoned developer required the facility to repay an existing development loan and raise an additional £225,000 for further investments.

The deal was completed on Aspen’s Stepped Rate, starting at 0.59% per month over 10 months.

The latest transaction for Tuscan was part of a record-breaking first half of 2024 for the lender