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Supporting British businesses

As a developer that creates inspiring residential and mixed-use property developments across London and Southern England, Montreaux worked closely with Paragon to get its plans for new apartments aimed at young professionals off the ground.

Montreaux was supported by Paragon’s Development finance team while transforming the former headquarters of Europcar into 62 modern apartments in the desirable area of Bushey, near Watford.

Within 20-minutes of central London by train, the location was ideal for Montreaux’s plans to tap into the young professional and first-time buyer market in London with its contemporary one and two-bedroom apartments.

Tony Warburton, Marketing Director at Montreaux Limited, said: “We converted the building under permitted development rights. The bulk of buyers are in the 25-35 age range and the majority of those have bought for the first time with assistance from the government-backed Help to Buy scheme.

I liked working with Paragon because there was a quick response time.

“We included features which enabled us to stand out from the local competition – stone kitchen worktops, oak floors, luxurious bathrooms, pre-wired hyper-fast broadband and an elegant hotel-style entrance lobby to the building.”

Montreaux has a broad portfolio which ranges from conversion schemes such as Bushey, through to large-scale urban regeneration projects. The majority of its residential schemes are apartment-based, in good commuter locations and priced within the Help to Buy threshold. Paragon got to work swiftly to ensure there was no time wasted getting the scheme off the ground.

Tony added: “The deal that was tailored for us by Paragon meant we could roll the development loan into a marketing loan, which made it more attractive.

“The service at Paragon is second to none. The team turns around investment approved terms quickly which allows us to complete on deals in short timescales. We also have an excellent relationship with individuals within the Development finance team, who are always happy to go the extra mile to help facilitate deals.

“I liked working with Paragon because there was a quick response time. If I had to sum up the Development finance team in three words it would be fast, diligent and caring.”

How Paragon helped

The Development finance team arranged a facility of £12.3 million against a GDV of around £17.6 million.

Montreaux initially had planning for 40 units when our funding drew down in November 2016, but subsequently enhanced the planning to provide a further 22 units within the same floor area.

Ultimately, we provided the loan towards the acquisition of Europcar House and the development to form all 62 apartments.

The building works completed in October 2018 and the client sold 15 of the units off plan.

In November 2018, we refinanced the existing debt onto a Marketing facility to allow the remaining 47 units to sell, reducing our fees and providing an equity release to the client.

Tony Warburton from Montreaux added: “We were looking at selling a bulk of the units at a discount but decided by refinancing we could sell the units into the open market and not have to take any discounts, which has ultimately meant we have made more profit.”

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