Create Homes has been awarded a £4 million loan from Paragon Development Finance to help fund its 23-home development in Pilling, Lancashire.
The St William’s Gate development in Blackpool will have 23 two, three, and four-bedroom homes. The scheme’s first phase has sold out, and the company is now working on the second phase’s construction and marketing.
Create Homes was able to refinance existing debt related to the scheme as well as complete the project thanks to Paragon’s funding. Relationship Director Dave Rowlinson, who focuses on the North West, led the deal on behalf of Paragon.
“After the success of our first two residential developments in the region, we are really excited with this latest residential project,” said Paul Mathison, group chief executive of Create Homes. We are confident that the high quality of our homes, combined with the rural setting, will enable us to provide an exceptional product – the best in the area.”
“Dave and the Paragon team completely understand the needs of SME housebuilders,” he continued. They were quick, adaptable, and able to deliver on their promises.”
“Create Homes has forged a great reputation for delivering quality family homes in attractive locations,” said Dave Rowlinson, Paragon development finance relationship director. Phase One of this scheme was extremely popular, and I am confident that Phase Two will be just as popular.”
Create Homes is a new client for Paragon, and David Rainford, Property Finance Director at Cowgills, introduced the two companies. The funding will be spread out over 26 months, with a total Gross Development Value of £6.4 million.
Other advisers included Savills’ Hayden Manifold (Valuer), Dalbergia’s David Boyes, Rhian Griffiths, and Oliver Labbett (Project Management), and DAC Beachcroft’s Peter Williams (Legal).
