Nottingham developer lands £1.6m funding line
Paragon Bank has provided a £1.6m development finance loan to Nottingham-based developer, Hockley Developments, for the conversion of a care home into residential apartments.
The funding from Paragon’s Development Finance division has enabled the purchase and development of the former care home in Nottingham into Millbeck House, 26 self-contained residential apartments.
Millbeck House is a mix of one- and two-bedroom properties with parking available and is expected to be completed in May 2021, with Help-to-Buy available. This is the first scheme that Paragon has supported Hockley Developments on.
Alan Forsyth, managing director at Hockley Developments, said: “From the first phone call with the team at Paragon, I felt the service provided was right for us at Hockley Developments. The team has been very efficient and straightforward to deal with and has always been available when required.
“The team has always been quick to meet us on site and understand our business; we felt valued as a client very quickly. We have enjoyed working with Paragon and will hopefully continue to do so as we look to grow over the next five years.”
Anil Sehmi, Paragon’s Midlands-based regional relationship director, said: “It is great to be able to support with funding for this scheme as it aims to bring more much needed housing to the East Midlands, particularly suited to first-time buyers with the availability of the Help-to-Buy scheme.
“Over the past few months, it has been our priority to support both new-to-bank and existing clients, so we are looking forward to hopefully continuing our relationship with Hockley Developments.”