£2.9m funding package for Kettering housing development on site of demolished school

Paragon Bank has provided a £2.9m funding package to a joint venture between developer Castlegate Homes and construction company Craneview EM Limited, to support its Maplefields scheme in Kettering. Constructed on the site of the former Maplefields School in Beatrice Road, the scheme comprises 14 newly built homes with a mix of bungalows and detached houses, ranging from two to four bedrooms.

Chris Wardrop, managing director of Craneview EM Limited, said: “I have thoroughly enjoyed working with Steve and Ashling from Paragon on my second deal with them.

"They make the funding process as painless and straightforward as possible, and it is a genuine pleasure to deal with people who really do understand the property development business.

“I am currently working on several new schemes and will certainly be discussing my future funding requirements with Steve and Ashling.”

The properties at the development are priced between £350,000 to £435,000. Mr Wardrop is an experienced developer and co-owner of Castlegate Homes. He founded construction company, Craneview EM Ltd, in 2016 to build out his own developments. Chris project-managed the Maplefields scheme, with Craneview EM Ltd being the main contractor.

The finance deal was led on behalf of Paragon Development Finance by senior relationship director Steve Hallam, with support from senior portfolio manager Ashling Quinn. This is the second deal that Paragon has supported for Craneview EM Limited. Mr Hallam, said: “It’s been great to support Chris and Craneview on another, very attractive scheme in this popular town in Northamptonshire.

"At Paragon, we support experienced developers like Chris, who understand the industry and know what it takes to create a successful scheme such as this one. “It’s been especially pleasing for us to help support the transformation of the site from a derelict former school to 14 desirable homes which enhance the local area.”

Paragon provides property development finance up to the value of £35 million across England and Wales.