Paragon Development Finance client Farleigh has secured a £4.5 million funding package to support a new residential scheme in Reading.

The finance has assisted with the purchase of land on London Road and the development of 21 one, two and three-bedroom apartments. The scheme also includes a commercial unit on the ground floor of the building.

Work on the scheme has commenced and it is due to be complete by May 2023.

This is the second deal that Paragon has completed with Farleigh. The deal was led on behalf of the bank by Relationship Director Adrian Reeves, with support from Portfolio Manager Bonnie McCloskey.

Robert Mulligan, co-founder of Farleigh, said: “We’re pleased to have started the development on this project, which we feel will be popular with those looking for urban living in a thriving city.

“Adrian and the team at Paragon understand our business fully and they are one of the first lenders we turn to when looking for a finance partner for our projects.”

Adrian Reeves added: “Farleigh is building a great track record of successful developments, with a focus on high end finish. The company is only six years old but has forged a great reputation in that short period.” 

Founded in 2016, Farleigh is a privately- owned development and investment company based in London.

For further information contact:

Michael Clarke
Head of Media Relations
Tel: 07740090746

Notes to editors:

Paragon Bank provides competitive property development finance up to the value of £30 million across England and Wales. Paragon Bank Development Finance Limited is a member of the Paragon Banking Group which is a FTSE 250 group based in Solihull in the West Midlands. Established in 1985, Paragon Banking Group has over £13 billion of assets under management and manages over 450,000 customer accounts.
Paragon Development Finance Limited. Registered in England number 03901943. Registered office 51 Homer Road, Solihull, West Midlands, B91 3QJ.