Paragon Development Finance has provided a £37.1 million funding package to SME housebuilder Nicholas King Homes to deliver Phase three of the Amber Waterside development in Cranleigh.
The facility will fund the construction of 110 homes, marking the final stage of the wider lakeside scheme. The development includes a mix of 22 two-bed houses, 48 three-bed houses and 18 four-bed houses, alongside 14 one-bed and eight two-bed apartments.
Just under half of the homes have been allocated as affordable housing and have already been exchanged for sale. The overall scheme is expected to achieve a gross development value of around £54 million.
The homes will be built to EPC ratings between A and B, in line with earlier phases. Around 20% of the properties will incorporate air source heat pumps, while all units will include either dedicated parking or driveways. The scheme also features communal green space, wildflower planting and two lakes positioned to the rear of the site.
Amber Waterside is located within walking distance of Cranleigh village centre, with access to local amenities and schools. The site also benefits from proximity to the Surrey Hills and nearby transport links via Guildford.
The deal marks the second development finance facility provided by Paragon to Nicholas King Homes, with the transaction led by Oliver Powlesland and supported by Amanda White.
Paragon is also funding a separate scheme for the developer in Lane End, Buckinghamshire, which is nearing completion with all 26 homes sold or under offer.
Nick Bilsland, chief executive at Nicholas King Homes, says: “Phase 3 of Amber Waterside represents the culmination of a carefully planned and thoughtfully designed development which has created a distinctive new community in Cranleigh.
“Paragon’s experienced team understand the challenges businesses like ours face, as well as the requirements of schemes of this scale, making them a strong funding partner.
“The bank’s continued support has enabled us to progress the final phase with confidence and ensure we deliver the quality and sustainability standards established across the wider site.”
Oliver Powlesland, senior relationship director at Paragon Development Finance, adds: “Amber Waterside is a vibrant, high-quality scheme that will make a meaningful contribution to local housing supply in Cranleigh, including a significant proportion of affordable homes.
“I have worked with Nicholas King Homes for many years and know the strength of their delivery capability.
“We are pleased to support this latest scheme’s completion with a funding structure tailored to its needs and timelines.”
