Housing developer lands £4.5m finding deal

A housing developer has landed a £4.5m funding deal that will help it completed a new scheme in the south Leicestershire village of Husbands Bosworth.

Bowbridge Homes has agreed the funding line with Paragon Bank to complete a 30-home scheme called Bosworth Grange.

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.”

The homes are scheduled to be completed by the end of the this year or the beginning of 2021.