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IDM Properties


Supporting British businesses

Paragon’s willingness to be flexible and adapt with changing plans made the specialist lender a welcome choice for property developer IDM East London when it created 30 new apartments.

IDM focuses on residential led development schemes across London and the South East that each range from between 25 to 150 units and it came to Paragon while planning the Rosebery House scheme in Epsom.

The development would create 30 contemporary one, two and three-bedroom apartments, minutes from the centre of the Surrey market town and part of the Help to Buy scheme.

It was aimed at commuters seeking a country living lifestyle along with young families, first time buyers and investors.

I like working with Paragon because of the LTV, speed of the deal and the fact that the team is easy to work with...

When the company approached the Development finance team, it had already purchased Rosebery House but wanted a pre-planning loan that would support IDM through the process of a planning application and then a further facility to see the development take shape.

Jonathon Curtis, from IDM, said: “Paragon impressed me with the smoothness of the transaction and the team understood the deal and our company’s approach.

“Paragon adapted with us as the planning strategy changed after the purchase. “I like working with Paragon because of the LTV, speed of the deal and the fact that the team is easy to work with. They are just great property people.”

The apartments with modern open plan layouts, contemporary kitchens and bathrooms quickly appealed to buyers and sold out.

How Paragon helped

DM had already purchased Rosebery House with funding from a bridging provider and Paragon organised an initial pre-planning facility of £1.3 million to refinance the property with the client intending to gain planning approval.

There were some changes to the plan when a full planning application was declined but then the decision was overturned at appeal.

Following the successful appeal and with planning permission fully in place, Paragon approved an 18-month development facility of £6.6 million at 64% of the GDV so the building could be converted into 30 flats and two offices.

Once consent was achieved, the support was converted to a development loan that went well with a great result for the developer as the facility was fully repaid from the sale proceeds.

Paragon Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England number 05390593. Registered office 51 Homer Road, Solihull, West Midlands B91 3QJ. Paragon Bank PLC is registered on the Financial Services Register under the firm reference number 604551