Newett Homes has secured a £7.5 million funding package from Paragon Development Finance to support a new build home development in Huddersfield.
The finance will assist with the purchase of land in the Fenay Bridge area of Huddersfield and the subsequent development of 54 private and 14 affordable two, three and four-bedroom homes.
This is Paragon’s first deal with Newett Homes. The deal was led on behalf of the bank by senior relationship director Simon Dekker with support from senior portfolio manager Craig Seabourne.
Newett Homes is a jointly owned business by David Newett and his youngest son Will Newett.
In addition to this new scheme in Huddersfield, the company also has developments in the pipeline in Sheffield, Ripon, Harrogate and Rotherham.
Will Newett, Newett Homes director, said: “This will be a high-quality residential scheme that caters for the needs of a wide range of groups including first time buyers, growing families and downsizers. The development will be sympathetic to the local area, within an attractive landscaped setting.”
He added: “Paragon Development Finance has been first class. It’s a bank that understands the needs of developers and working with Simon and his team has been seamless. We are excited to partner with the company on this scheme.”
Paragon’s Simon Dekker said: “This new development will bring high-quality homes to the area. David and his son Will have a great track record of delivering well-designed homes in Yorkshire that are popular with buyers. They also focus on ensuring their schemes are sympathetic to the environments in which they are built.”
