Paragon is continuing its support for residential development projects which will appeal to first-time buyers, providing a £3.5m funding package to property developer Burney Essex Ltd to transform a former car sales business into a series of contemporary apartments.
Brick House is a development of 19 one and two-bedroom apartments located in the popular area of Romford, just 35 minutes from central London by train, reaching out to the first-time buyer and investor markets.
Paragon Development Finance arranged the funding to support the development of the flats on the site of an old car showroom.
Daren Burney, Managing Director of Burney Essex Ltd, said:
“We transformed the former car sales business and office to offer a luxury series of modern apartments, particularly well-suited for first time buyers due to the availability of the Help to Buy scheme.”
The 40% Help to Buy government loan that is available on the properties means that only a 5% deposit is required and the proximity to central London makes Brick House a great location for young professionals. Paragon began work swiftly with Burney Essex Ltd to ensure that no time was wasted getting the scheme off the ground.
Daren added:
“The project was made much easier by Paragon’s great Relationship Managers, who thoroughly understood our needs as developers and were able to provide excellent support throughout all stages of the development as it progressed. Paragon is a trusted partner.”
The project was made much easier by Paragon’s great Relationship Managers, who thoroughly understood our needs as developers
Adrian Reeves, Relationship Director at Paragon, said:
“We are delighted to continue our support for new developments in this area, even more so as Brick House is giving the opportunity for first-time buyers to get on the property ladder. Paragon’s Development Finance team are actively seeking new opportunities in the London and Essex area.”
Brick House is giving the opportunity for first-time buyers to get on the property ladder
Burney Essex Ltd forms part of Burney Group, founded in 1997 by Daren Burney, and has built a significant portfolio of properties across the UK. Daren has 34 years of real estate experience as an Investment and Developer Principal.