SME developer Nicholas King Homes has secured a £37.1m finance facility from Paragon Development Finance to support the delivery of Phase 3 of its Amber Waterside residential development in Cranleigh, Surrey.
The funding will support the construction of 110 new homes as part of the circa £54m GDV final phase of the wider lakeside scheme.
The final phase will comprise 22 two‑bed houses, 48 three‑bed houses and 18 four‑bed houses, alongside 14 one‑bed apartments and eight two‑bed apartments. Just under half of the homes have been designated as affordable housing and have already been exchanged for sale.
Nick Bilsland, chief executive of Nicholas King Homes, said: “Phase 3 of Amber Waterside represents the culmination of a carefully planned and thoughtfully designed development which has created a distinctive new community in Cranleigh. Paragon’s experienced team understand the challenges businesses like ours face, as well as the requirements of schemes of this scale, making them a strong funding partner. The bank’s continued support has enabled us to progress the final phase with confidence and ensure we deliver the quality and sustainability standards established across the wider site.”
Oliver Powlesland, senior relationship director at Paragon Development Finance, added: “Amber Waterside is a vibrant, high‑quality scheme that will make a meaningful contribution to local housing supply in Cranleigh, including a significant proportion of affordable homes. I have worked with Nicholas King Homes for many years and know the strength of their delivery capability. We are pleased to support this latest scheme’s completion with a funding structure tailored to its needs and timelines.”
