Leicestershire Housing Scheme Gets £4.5m Funding Package
A housing developer in Leicestershire has received almost £4.5m in funding to help it complete a housing scheme in the south of the county.
Developer Bowbridge Homes gained the finance package from Paragon Bank, according to Business Live, so it can complete the Bosworth Grange development, based in the village of Husbands Bosworth, South Leicestershire.
The Bosworth Grange scheme aims to provide 30 properties with a mix of three- and four-bed ‘high specification’ homes. Each has been designed to suit the characterful setting of Husbands Bosworth and will be centred around their own village green.
Paragon Bank has provided the senior debt development loan facility to enable the scheme to be built out. The finance firm has supported Bowbridge homes previously, within the last two years.
Oliver Purday, managing director at Bowbridge Homes, said: “This loan continues our relationship from previous schemes with Paragon. We like that they are pragmatic during the development and accept that there will need to be amendments to the programme or plans depending on individual issues that arise.
“They work with us to manage these issues correctly.”
Anil Sehmi, relationship director in Paragon’s development finance team, said: “It’s great to support Bowbridge on another scheme, providing more much-needed housing to the market. In the unprecedented time we find ourselves in, we are working hard to continue supporting both existing and new clients.”
Bosworth Grange is expected to be completed by the end of the year, or early 2021.
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