Paragon Development Finance has provided £11.7 million in development finance for a residential construction project by Wharfedale Homes in Gainford, County Durham. The project comprises a total of 79 residential units and is being significantly enabled by this funding.
The facility is set for a period of 30 months. It supports a development whose anticipated Gross Development Value (GDV) amounts to £24.3 million. This value underscores the potential and scale of the undertaking, which will represent a significant addition to the local housing market.
Project and Financing Details
The residential construction project in Gainford, a locality in County Durham, is designed to meet the demand for high-quality housing in the region. Wharfedale Homes, an experienced developer, is responsible for its realisation and is relying on the expertise of Paragon Development Finance as a financing partner.
The provision of funds by Paragon Development Finance reflects confidence in the project's economic viability and timeline. Financing of this magnitude is crucial for the successful implementation of residential construction projects, especially in a dynamic market environment. The collaboration between the two companies ensures a solid foundation for the planned development.
The 79 residential units are expected to comprise a mix of different typologies to appeal to various buyer needs and market segments. The exact composition will be adapted to local requirements and preferences to maximise the attractiveness of the offering and ensure rapid marketing.