Paragon Development Finance has provided a £11.7m development finance facility to support Wharfedale Homes’ latest residential development in Gainford, County Durham.
The facility, which is structured over 30 months, has enabled Wharfedale Homes to acquire a site on which it intends to deliver 79 new homes ranging from one-bedroom apartments to four-bedroom detached houses. The scheme has an anticipated GDV of approximately £24.3m.
Designed by architect Ben Pentreath, the development combines traditional design principles with modern sustainability standards. The scheme is expected to qualify for Paragon Development Finance’s Green Homes Initiative, with 86% of homes anticipated to achieve an EPC A rating.
Michael Brown, director at Wharfedale Homes, said: “This development represents an exciting opportunity to deliver a high quality mix of homes in one of the most desirable villages in the area. Gainford continues to attract strong demand from families, professionals and downsizers looking for well-connected locations that offer a strong sense of community. Our relationship with Paragon has been built over a number of successful projects, and their continued support demonstrates both their understanding of our business and their confidence in the homes we deliver.”
Nigel Jackson, senior relationship director at Paragon Development Finance, added: “We are pleased to be supporting Wharfedale Homes once again as they bring forward this latest development in Gainford. Having worked together across a number of projects, we have developed a strong understanding of the business, its approach to placemaking and ability to deliver high quality homes in attractive regional locations. The scheme is well positioned to meet demand from a broad range of buyers, while its sustainability credentials reflect the growing importance of energy efficiency within the new build housing market.”
