Paragon Development Finance has increased its maximum loan size from £35m to £60m.
The lender said this will allow it to support larger and more complex development projects across the UK, with a focus on small and medium-sized enterprise (SME) developers delivering homes and properties for a range of occupiers.
Neal Moy, managing director of development finance at Paragon Bank, said: “Raising our maximum loan size to £60 million is a clear signal of our robust position in the market and long-term commitment to supporting SME developers and the wider housing market.
“At a time when many lenders are pulling back, we’re stepping forward to finance ambitious projects, building long-term partnerships with our customers to deliver the varied homes and communities the UK needs.
“This increase reflects our custom-centric ethos and confidence in the sector as we diversify into new markets such as PBSA, BTR and later living.”
Moy added: “SMEs bring a huge amount of value to the development sector, creating quality, thoughtfully designed and sustainable homes which are built to last, and we’re here to invest in their growth and ensure they have the right support they need to thrive.”
