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Paragon Development Finance launches 70% GDV development funding

Paragon Development Finance has launched 70% Gross Development Value (GDV) funding today as it strengthens its support of UK SME housebuilders.

The increase in maximum GDV for residential development finance complements the existing product range and allows Paragon to support clients across a wider range of projects.

Paragon also recently launched a sub £1 million lending product for smaller housebuilders, complementing the existing offering of up to £30 million maximum loan size. Combined with the new 70% GDV product, these initiatives will assist SME housebuilders in their vital role to deliver the UK’s housing needs.

Paragon, which has remained active and open for business throughout the pandemic, funds all development finance off its own balance sheet, which facilitates quick and commercial decision making, faster turnaround times and an overall seamless process for customers from credit approval to completion.

Robert Orr, Managing Director of Paragon Development Finance, said: “UK SME housebuilders are developing much needed new homes across the UK and access to finance from a committed, experienced and capable lender is vital. We always look at ways in which we can support customers and the move to 70% GDV funding is a further extension of that.

“As part of a successful, well-capitalised bank, all of our lending is completely off our own balance sheet, so customers have one point of contact and a seamless process with credit and due diligence. That is important to them as they look to get schemes off the ground.”

Full details can be found at the Paragon Development Finance website.

For further information contact:

Michael Clarke
Head of Media Relations
Tel: 07740090746

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