Arc & Co. are pleased to announce the completion of 2 loans totalling £8,950,000 with Adrian Reeves from Paragon Development Finance. Tom Berry from Arc & Co. worked on these deals.
The first case was for the development of 8 units, with this being 4 barn conversions and 4 residential homes. The client instructed Arc & Co. to advise on funding for the scheme, which is located in the rural area of Tempsford in Bedfordshire. Arc & Co. stated: “In an ever changing market, we wanted to expand the client’s exposure to new lenders, which has complemented his long-term corporate financial strategy.” Tom Berry – Asset Finance Advisor at Arc & Co. arranged a £3,100,000 gross loan with Paragon Bank at 64% Loan-To Gross-Development-Value (LTGDV).
The second case was for the purchase and construction of 10 new build homes in Goffs Oak, Hertfordshire and Paragon Bank facilitated a £5,850,000 development loan. The loan completed at the end of March 2020 and was for another new-to-bank client. Securing this size of loan in the current market conditions is a credit to both parties.
Tom Berry – Asset Finance Advisor at Arc & Co. commented : “We are pleased to disclose that that we have completed two loans with Paragon at the end of March. Both cases were introduced as new-to-bank clients. Even in these trying times, Paragon Bank are supporting existing and new-to-bank clients, allowing them to continue developing. I am delighted that both client’s developments could be aided by Paragon Bank.”
Adrian Reeves – From Paragon Development Finance: “Arc & Co. were a pleasure to deal with, as they have been on every occasion. In these difficult times, Tom played a vital part in handling the intricacies of this case with a new-to-bank client.”