Paragon Bank supports WeBuild Developments with £12.8m funding for conversion scheme in Surrey

By Bridging Loan Directory 11th July 2024

WeBuild Developments has secured a £12.8m funding package from Paragon Bank’s Development Finance division for an office conversion scheme to residential accommodation.

The building, located in Chertsey, Surrey, will be converted into 73 one and two-bedroom flats, providing much-needed housing for buyers in the popular commuter town.

The development is located close to the train station, as well as a short walk from the town centre, offering residents proximity to local shops and restaurants in the town.

Eastworth House operated as an office space offering over 40,000 square feet of workspace to tenants including DHL and Samsung.

WeBuild Developments is a Sussex-based property developer set up by Jon Bennett 2017. The developer is currently working on delivering an extra 200 homes across its portfolio.

This deal was led on behalf of Paragon’s Development Finance division by Relationship Director Greg Dunne and Portfolio Manager Anisha Thawrani.

It was introduced by Paul Lyons of Carbon Financial, a leading Surrey and Brighton based Brokerage.

James Harding, Director of WeBuild Developments, commented:

“This conversion scheme will provide much-needed new housing to the Chertsey area, delivering high-specification apartments aimed at first-time buyers.

It’s been great to work with Greg and the Paragon team, the process has run smoothly and we’re looking forward to working with them on this scheme.”

Paul Lyons, Director at Carbon Funding Consultants commented:

“We’re delighted to partner with Greg Dunne at Paragon Bank to support our existing client, WeBuild Developments.

Relationships are at the heart of what we do and it was a pleasure to advise WeBuild on this transaction, which was made easy by the breadth of experience and knowledge at Paragon Bank to deliver this complex and time sensitive transaction.”

Greg Dunne, Relationship Director at Paragon Bank added:

“This promises to be an exciting new development and we’re delighted to be working with WeBuild to turn disused office space into 73 brand new apartments in such a popular area.

At Paragon, we’re able to support a range of different developments, including conversion schemes, allowing us to work on various projects with numerous developers.”