Penrith-based Genesis Homes has clinched a £3.2 million funding deal for the third stage of its award-winning Eamont Chase Development.

This backing comes from Paragon Bank, in addition to an equity investment from the Housing Growth Partnership.

Nestled on the outskirts of the Lake District town, Eamont Chase's third phase will provide 20 additional homes, half of which are deemed affordable and have already been purchased off-plan.

Genesis Homes' CEO, John Blue, defined the importance of the lenders in delivering a total of 82 new homes at Eamont Chase, recognising the challenging market conditions that have occurred over the past two years.

Mr Blue 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.
"It was fantastic to receive the Insider Award for Large Housing Development of the Year and we are now into the final stages of the development with only a few homes remaining."

The final stretch, expected to finish in January 2025, after phases one and two of the project are expected to conclude in August 2024.

The development primarily comprises of bungalows and semi or fully detached houses, with availability across two, three, four and five-bedroom homes.

Known for the green scenery surrounding it, the development offers views of Brougham Castle and Lowther Castle, with walks from Eden Valley and River Eamont close by.

Paragon Bank has thrown its support behind Genesis Homes throughout the entirety of the Eamont Chase project, consistently providing a revolving funding facility.

Senior relationship director Nigel Jackson spoke highly of the collaboration, expressing Paragon's satisfaction in seeing the project through.

Mr Jackson said: "It’s been wonderful to work with Genesis Homes on the award-winning Eamont Chase development for all three phases of the scheme."

The Housing Growth Partnership also expressed enthusiasm about teaming up with Genesis Homes.

John McKeon, investment director with the organisation, voiced his appreciation for both the continuous support of Paragon Bank and the popularity of Eamont Chase.

He said: "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.

"We are also grateful for the continued support of Paragon Bank in funding what has been an extremely popular development at Eamont Chase."