Paragon funds £9.5m Wallace Park East Lothian housing project

By Bridging Loan Directory 6th September 2023

Ambassador Living has secured a £9.5 million finance facility from Paragon Bank’s Development Finance division for the completion of its Wallace Park project in Wallyford, East Lothian.

The Paragon funding will support the development of the project’s remaining 67 private homes, which comprise of three, four, and five-bedroom bespoke detached properties.

All homes boast flexible layouts to suit every dynamic, from families to professionals, with a high standard-of-living throughout and maximum energy efficiency, with every private home anticipated to achieve an EPC A rating.

The Wallace Park funding comes under Paragon’s Green Homes Initiative, which supports SME housebuilders to develop new domestic properties with the highest energy performance standards.

Under the scheme, developers delivering homes with an Energy Performance Certificate rating of A will receive a 50% reduction on loan exit fees.

The deal led on behalf of Paragon Development Finance by Relationship Director Toby Burgess, alongside support from Portfolio Manager Joshua Mann.

FTSE 250-listed Paragon is one of the leading providers of development finance in the country, growing its total loan book to SME housebuilders and developers by 14% during the first half of its financial year to £765.8 million.

Located outside of Musselburgh, Wallace Park is ideally placed for commuting to Edinburgh – thanks to close access to both Wallyford Station and the A1.

Ambassador Living is an independent, award-winning family-owned Scottish homebuilder, with a proud heritage and track record in the housebuilding industry.

Daring to be different and unafraid of change, Ambassador Living delivers properties that are on the pulse of how modern homebuyers would like to live.

Gordon Howe, Financial Controller at Ambassador Group, said:

“I’m delighted that Paragon Development Finance shares both our vision for Wallace Park and our commitment to providing bespoke family homes of the highest standard.

Taking the time to learn about our values and requirements, Toby and the team delivered an ideal funding package that will help bring our new properties to market and provide buyers with a perfect new home.”

Toby Burgess, Relationship Director at Paragon Development Finance, said:

“Paragon Development Finance is proud to support one of Scotland’s leading developers to bring essential, high-quality homes to market.

Ambassador Living’s commitment to excellence and energy efficiency will provide buyers with ideal properties, and I greatly look forward to following Wallace Park’s development in the months ahead and the benefit it will bring to the region.”