Paragon Bank has provided an £8m funding package to SME developer Six Degrees, part of 9 Property Group, to support the refinance and development of a 100-bed purpose-built student accommodation (PBSA) scheme in Loughborough.
The facility has helped refinance the existing site and is supporting the development of a new, high-spec PBSA complex located in the heart of Loughborough town centre. Now three months into construction, the scheme is on track to welcome its first intake of students in September 2026.
The accommodation will comprise of 100 en-suite bedrooms arranged across 22 cluster flats. The completed scheme is expected to deliver a Gross Development Value (GDV) of £12.2m.
Taj Ubhi, founder and CEO of 9 Property Group which owns Six Degrees, said: “We’re excited to be bringing forward another PBSA development in a location we know well. Paragon’s understanding of the sector and agile approach to funding has made them an ideal partner, and we’re looking forward to delivering this scheme ahead of the 2025 academic year.”
Karl Kent, relationship director at Paragon Bank, said: “We’re proud to support Six Degrees with this high-quality PBSA scheme in a town where demand for student accommodation continues to grow.
“Taj and the team have a strong track record in delivering similar projects and we’re confident this development will be a welcome addition to Loughborough’s student housing offering. It’s been a pleasure to work with Six Degrees on their first deal with Paragon and we look forward to supporting them on future projects.”
