Create Homes Secures £4m Financing for 23 New Homes in Lancashire
Create Homes has secured a £4 million funding package from Paragon Development Finance to support its 23 home development in Pilling, Lancashire.
The Blackpool-based company’s St William’s Gate development will consist of 23 two, three and four-bed houses. Phase One of the scheme is sold out and the company has just embarked on building and marketing Phase Two.
Paragon’s funding has enabled Create Homes to refinance existing debt related to the scheme, as well as completing the project. The deal was led on behalf of Paragon by Relationship Director Dave Rowlinson, who focuses on the North West.
Paul Mathison, group chief executive of Create Homes, said: “After the success of our first two residential developments in the region, we are really excited with this latest residential project. We are convinced that the quality of our homes and the rural setting allows us to offer an exceptional product – the quality of which will be the best in the area.”
He added: “Dave and the team at Paragon completely understand the needs of SME housebuilders. They were efficient, flexible and able to deliver on what they promised.”
Dave Rowlinson, Paragon development finance relationship director, said: “Create Homes has forged a great reputation for delivering quality family homes in attractive locations. This scheme has already proved popular with Phase One selling out quickly and I’m sure Phase Two will be equally as popular.”
Create Homes is a new client to Paragon and the deal was introduced by David Rainford, Property Finance Director, Cowgills. The funding has been arranged over 26 months and the scheme total Gross Development Value stands at £6.4 million.
Other advisors included Hayden Manifold of Savills (Valuer), David Boyes, Rhian Griffiths and Oliver Labbett of Dalbergia (Project Management) and Peter Williams of DAC Beachcroft (Legal).