Paragon Bank supports Genesis Homes with a £3.2m revolving funding facility

By Bridging Loan Directory 28th February 2024

Penrith developer Genesis Homes has secured a £3.2 million revolving funding facility from Paragon Bank and an equity investment from the Housing Growth Partnership to support the third phase of its award-winning Eamont Chase Development.

Located on the outskirts of the picturesque Lake District town, the third phase of Eamont Chase will include 20 new homes, 10 of which are affordable housing and have already been sold off-plan.

Phases one and two contained 62 homes and are due to be complete in August 2024, with work on the third phase to be complete by January 2025.

The scheme is made up of bungalows, semi-detached and detached houses, with a mix of two, three, four and five-bedroom properties available.

Eamont Chase is an award-winning development, scooping the award for Large Housing Development of the Year at this year’s Insider North West Residential Property Awards.

Recognition was given to the first phase of the scheme being sold or reserved within one year.

The development offers unrivalled greenfield views, with views of Brougham Castle and Lowther Castle, and is on the edge of the many walks that the Eden Valley and nearby River Eamont have to offer.

Genesis Homes is a Penrith-based developer that has housing developments across the North West and provides energy-efficient homes delivered to a high specification.

This deal was led on behalf of Paragon’s Development Finance team by Senior Relationship Director Nigel Jackson, with support from Senior Portfolio Manager Shannon Altimas.

Paragon Bank has supported Genesis Homes with phases one, two, and three of Eamont Chase, providing a revolving funding facility for all three phases.

John Blue, Genesis Homes Managing Director explained:

“Paragon’s and HGP’s support has been pivotal in delivering 82 new homes at Eamont Chase, Penrith.

Over the last 24 months we have experienced both cost inflation and a more testing sales market.

Paragon have been flexible and supportive in their approach. It was fantastic to receive the Insider Award for Large Housing Development of the Year and we are now into the final stages of the development with only a few homes remaining.”

Nigel Jackson, Senior Relationship Director added:

“It’s been wonderful to work with Genesis Homes on the award-winning Eamont Chase development for all three phases of the scheme.

We’re pleased that we’ve been able to work in partnership with them to see the project from start to finish.

At Paragon we can offer flexible funding solutions, such as a revolving facility to support developers like Genesis to provide high specification, energy efficient homes to the local community.”

John McKeon Housing Growth Partnership Investment director said:

“Housing Growth Partnership is extremely pleased to have partnered alongside Genesis Homes at the award winning Eamont Chase development.

Housing Growth Partnership has provided equity support alongside Genesis on multiple schemes, helping the company grow to become a major regional housebuilder in the North West.

We are also grateful to the continued support of Paragon Bank in funding what has been an extremely popular development at Eamont Chase.”