A £26 million finance package has been secured to support a 170-unit housing scheme in Saffron Walden.

Chase New Homes secured the funding from Paragon Bank's development finance division for the housing scheme in Thaxted Road.

The funds will facilitate the purchase of the 13-acre site and support the development costs of the scheme, providing up to 102 private units and 68 affordable units.

Construction is expected to start in spring 2024, and be completed by spring 2027.

The funding package from Paragon consists of a £24 million revolving credit facility and an additional £2 million VAT support package.

Paragon also helped finance both phases of Chase New Homes' Scholars Broxbourne scheme in Hertfordshire, which included the constructon of a new school, 138 homes and 18 apartments.

The Saffron Walden deal was led on behalf of Paragon by senior relationship director Simon Dekker, with support from junior portfolio manager Izzy Sargent.

Gary Barton, managing director of Chase New Homes, said: "We are delighted to receive funding from Paragon Bank for our latest development at Thaxted Road.

"The team at Chase is passionate about designing and creating high quality homes.

"We strive to provide an exceptional service and it is this ethos and commitment that has helped us grow a strong brand within the industry over the years.


"Our strong relationship with Paragon continues to grow with the funding for Thaxted Road.

"Paragon plays a crucial role in delivering these superb developments for our customers and I would personally like to thank Simon Dekker and Izzy Sargeant from Paragon Bank for their valued and combined efforts to secure this funding."

The scheme is Chase New Homes' second development in Saffron Walden, with the first comprising 96 dwellings through a conversion of the 18th century-built Friends School on Mount Pleasant Road, as well as the associated new builds homes in its wider grounds.

Simon Dekker added: "We are pleased to assist Chase New Homes with this exciting scheme in Saffron Walden.

"We look forward to seeing the scheme take shape over the coming months and continuing our relationship with the team."