Buckinghamshire based residential developer Storey Homes has secured a £23.6 million funding facility for a new site at Houghton Regis, Bedfordshire.
Following an introduction by Peritus Corporate Finance, the multi-million-pound injection was raised with Paragon Development Finance, a specialist lender who was able to offer a revolving facility, specifically tailored to the scheme.
A significant transaction for SME housebuilder Storey Homes, the funding will enable it to deliver Bidwell West, a new settlement of 109 quality homes, including 33 social housing properties. Using their exceptional local knowledge and established history in the region, the successful motion marks yet another large development for the family run business.
Featuring two, three, four and five-bedroom homes, the primary target audience for Bidwell West is families seeking to improve their lifestyle, including London-based buyers in search of more rural locations with work-from-home space, private gardens and access to countryside leisure activities.
Katy Jordan, Managing Director at Storey Homes said: “Once the pandemic recedes we anticipate increasing numbers of people seeking a better quality of life in counties like ours. The size and scope of this facility align with our appetite for building much needed quality homes to meet the high demand. This support from Paragon ensures we are in a position where our vision for the site will become a reality and Bidwell West will be ready for this inflow.”
Robert Orr, Managing Director at Paragon added; “Storey Homes has a long and successful history in the region and they are a business with impressive growth plans. We are confident that Storey Homes will deliver an exceptional housing scheme for Bedfordshire and we look forward to watching the project take shape as well as supporting Storey on many further schemes.”
Storey Homes is nearing completion on the final phase of an exceptional development of 1-5 bedroom homes at De Montfort Place in the centre of Bedford and 12 homes in the village of Barkway. The first completions are due at the end of March on properties at The Place, Kempston; a unique development of 55 homes including the restoration of the former 19th century manor house. Construction has already commenced at Bidwell West, with first completions due October 2021.