Property developer Stephens and Stephens has secured £5.9 funding from Paragon Bank to build over 30 new homes in Truro, Cornwall.

The new development named The Boundary will comprise of 32 two, three and four-bedroom new homes.

The funding from Paragon's specialist Development Finance team has enabled Stephens and Stephens to deliver The Boundary scheme under its own brand, as both the developer and main contractor. The site is currently on schedule to be completed by Autumn 2020, with 65% of units already sold.

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The scheme is the first by Stephens and Stephens that Paragon has supported. Paragon has since drawn down on two further deals with the developer, totalling over £13m. This includes a £5m funding package for Breakwater Pentire, five terraced town houses in Newquay and a £11.3m funding package for Cliff Edge, 39 luxury apartments, also in Newquay.

Paul Stephens, Director of Stephens and Stephens Developers Ltd, said: "Paragon's Development Finance team is approachable, forward thinking and proactive. They have been a great support from day one and are considered part of our team. Their communication style is clear and they make themselves available to openly discuss progress at all stages.

"We now look at Paragon as part of our business structure, a lender that is willing to support multiple sites."