Genesis bags £3.2m for Penrith homes

The housebuilder has secured a revolving credit facility from Paragon Bank and an equity investment from the Housing Growth Partnership to support the next stage of its Eamont Chase development.

The £3.2m backing will support the delivery of the third phase of Eamont Chase, located on the outskirts of Penrith. The scheme will comprise 20 homes, 10 of which are affordable housing and have already been sold off-plan.

Phases one and two contained 62 homes and are due to be complete in August this year. Work on the third phase is due to complete by January 2025.

The scheme is made up of bungalows, semi-detached, and detached houses with a mix of two-, three-, four-, and five-bedroom properties. The first phase of the scheme was sold or reserved within one year.

Genesis Homes is a Penrith-based developer that has projects across the North West.

This deal was led on behalf of Paragon’s development finance team by senior relationship director Nigel Jackson, with support from senior portfolio manager Shannon Altimas.

Paragon Bank has supported Genesis Homes with phases one, two, and three of Eamont Chase, providing a revolving funding facility for all three phases.

John Blue, Genesis Homes managing director, said: “Paragon’s and HGP’s support has been pivotal in delivering 82 new homes at Eamont Chase, Penrith.

“Over the last 24 months, we have experienced both cost inflation and a more testing sales market. Paragon have been flexible and supportive in their approach.”

Nigel Jackson, senior relationship director, added: “It’s been wonderful to work with Genesis Homes on the award-winning Eamont Chase development for all three phases of the scheme. We’re pleased that we’ve been able to work in partnership with them to see the project from start to finish.

“At Paragon we can offer flexible funding solutions, such as a revolving facility to support developers like Genesis to provide high specification, energy efficient homes to the local community.”

John McKeon housing growth partnership investment director, said: “Housing Growth Partnership is extremely pleased to have partnered alongside Genesis Homes at the award-winning Eamont Chase development.

“Housing Growth Partnership has provided equity support alongside Genesis on multiple schemes, helping the company grow to become a major regional housebuilder in the North West.”