Paragon Bank’s Development Finance division has granted a £9.5m finance facility to Ambassador Living for the completion of its Wallace Park residential project in Wallyford, East Lothian.
The funding will support the development of 67 remaining private homes, consisting of bespoke three to five-bedroom detached properties.
These homes are designed to offer flexible layouts that cater to various needs, from families to professionals. With an emphasis on a high standard of living and energy efficiency, all the private homes are expected to receive an EPC A rating.
The finance deal is part of Paragon’s Green Homes Initiative, which aims to encourage SME housebuilders to adhere to high energy performance standards. Developers building homes with an EPC A rating can expect a 50% reduction on loan exit fees.
Toby Burgess, relationship director at Paragon Development Finance, and portfolio manager Joshua Mann led the deal. Paragon, a FTSE 250-listed company, has seen a 14% growth in its total loan book to SME housebuilders and developers, reaching £765.8 million in the first half of its financial year.
The Wallace Park project, situated just outside Musselburgh, offers convenient commuting options to Edinburgh via nearby Wallyford Station and the A1 motorway.
Ambassador Living is an award-winning, independent family-owned Scottish homebuilder with a history of innovation in the industry. Gordon Howe, financial controller at Ambassador Group, said: “I’m delighted that Paragon Development Finance shares both our vision for Wallace Park and our commitment to providing bespoke family homes of the highest standard.”
Burgess added: “Paragon Development Finance is proud to support one of Scotland’s leading developers to bring essential, high-quality homes to market. Ambassador Living’s commitment to excellence and energy efficiency will provide buyers with ideal properties, and I greatly look forward to following Wallace Park’s development in the months ahead and the benefit it will bring to the region.”
