Paragon completes £3.3m finance package with Lodge Park Homes

By Bridging Loan Directory 4th April 2022

Lodge Park Homes has secured a £3.3 million funding package from Paragon Development Finance to support its new build scheme in Wavendon, Milton Keynes.

Laine Rise is a development of 23 new build apartments, including seven affordable units. The apartments have been designed to offer more space than a typical flat, with some units reaching 1,000 square foot, the same size as a typical three-bedroom house.

Lodge Park Homes was inspired to build the new apartments after receiving increasing enquiries from Londoners who wanted to leave the city for the countryside in light of the Covid-19 pandemic.

The developers saw the trend continuing so planned for a development that would give city-dwellers the space they needed with great public transport links in a breath-taking location.

The deal is the fourteenth finance facility Paragon has provided to the company, led by Relationship Director Adrian Reeves and Portfolio Manager Bonnie McCloskey.

James Browning, Lodge Park Technical Director, said:

“Laine Rise is situated on the outskirts of the beautiful village of Wavendon and near the popular Stables Theatre, which was made famous by the late Dame Cleo Laine and her husband Sir John Dankworth, who were exceptional jazz musicians.

Laine Rise is also a short distance away from local train stations, bus routes and the market town of Woburn, as well as a short drive from the M1.

Paragon was once again very easy to deal with. The company saw the value in the scheme straight away and the process was smooth and simple.”

Adrian Reeves added:

“These apartments offer something different to the usual. They are as spacious as a family home and cater for both existing Milton Keynes residents, but also those maybe looking to leave the capital for some more space.

Milton Keynes is less than an hour into London, so it’s an ideal location.”