£5.4m funding package supports next phase of residential scheme

Erris Homes has secured a £5.4m funding package from Paragon Bank to support the second phase of its Calder Mews new build scheme in Halifax.

Phase two comprises 14 four-bedroom detached homes. Paragon also financed the first phase of the scheme, which consists of 23 three and four-bed detached, semi-detached and terraced homes.

The first phase is now nearly complete and work on phase two began late last year, with work expected to be completed by the end of 2025.

The deal was led on behalf of Paragon Bank Development Finance by relationship director Karl Kent, with support from senior portfolio manager Shannon Altimas.

Paragon is expanding its presence in the Yorkshire & Humber region and the deal represents the ninth in the region during Paragon’s last financial year, with lending of over £30m to the region’s SME housebuilders.

Kent joined the team last year to spearhead the bank’s Development Finance growth in the region.

He said: “We’re happy to support Erris Homes with the second phase of its Calder Mews scheme, which is providing top-end family homes in a great area of Yorkshire.

“We are keen to work with experienced developers across the north of England to deliver much-needed new homes.”

Michael Howard, managing director of Erris Homes, added: “Calder Mews is an exclusive development sits alongside the small river of Black Brook and is perfectly located a mere stone’s throw away from The Greetland Academy, which was rated ‘Outstanding’ in its latest Ofsted inspection.

“Paragon has been a supportive and engaged lender across the project.”