Shorewood Homes completes first project under Paragon’s Green Homes Initiative

By Bridging Loan Directory 18th April 2023

Shorewood Homes has completed the first project under Paragon Development Finance’s Green Homes Initiative.

Consisting of eight family houses over two sites, Shorewood’s Winchester development has achieved an Energy Performance Certificate rating of A – with the company using the latest materials and construction techniques to produce homes that minimise their environmental impact.

Paragon’s Green Homes Initiative aims to support SME housebuilders developing 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 initiative is designed to support the UK Government’s target of net zero carbon emissions by 2050 and reducing emissions by 78% by 2035.

The Future Homes Standard, from 2025, will require new homes built to produce between 75% and 80% fewer carbon emissions.

The deal was led on behalf of Paragon by Relationship Director Toby Burgess.

Shorewood Homes is a leading property development company, focusing on Winchester and the wider Hampshire area.

The company aims to create sustainable homes which fit well within the traditional environment of Winchester, with period-style features.

Richard Wickins, Director at Shorewood Homes, said:

“We’re delighted that our Chilbolton Avenue development is the first project completed under Paragon’s Green Homes Initiative.

We are proud to deliver a development of exceptional quality and of the highest energy efficiency, benefitting occupiers’ energy costs and the environment.

Over the course of the project we have developed a strong relationship with Toby and the development finance team; we share their passion for the environment and value their understanding of our business.”

Toby Burgess, Paragon Development Finance Relationship Director, said:

“With Shorewood’s latest development achieving the highest energy performance rating, I’m delighted that they will benefit from Paragon’s Green Homes Initiative exit fee discount.

Providing funding to support the creation of energy efficient homes is not only of huge importance to the environment but it will also help reduce energy bills for homeowners.

I look forward to working with developers throughout the country to deliver further projects under our Green Homes Initiative.”