Paragon supports Waterloo Health Centre with £1.3m package

Paragon Bank’s SME Lending division has helped the ongoing provision of vital services from a valuable local NHS health centre in the heart of London through a £1.3 million finance package that enabled the construction of an innovative modular facility.

Paragon worked with finance broker Bentley Associates to facilitate the funding for modular building specialist Actiform Limited, which were contracted to design and construct the facility for Waterloo Health Centre on the vibrant Lower Marsh Street, behind Waterloo Station.

Waterloo Health Centre adopted a plan to develop the temporary site after it was unable to renew its lease on its previous site and a new purpose-built surgery would not be ready for two years. Therefore, the local healthcare provider needed new premises built quickly to fulfil the local community’s healthcare needs and avoid any disruption to patients.

Actiform, a leading manufacturer and provider of modular buildings, was appointed by the South East London Integrated Care Board (SEL ICB) to deliver the modular building in Lower Marsh Street, near Waterloo Health Centre’s previous site. Actiform were appointed following the completion of a full business case and agreement of appropriate timescales by the Integrated Care Board (ICB).

The building was installed and fully operational by the end of January 2024, ready to support over 10,000 patients a year. It is expected to be in place for two years whilst the permanent facility is constructed elsewhere. 

The area in Waterloo is well known for its street art, therefore the new GP surgery has been designed to fit in with its surroundings and is finished with colourful artwork externally.

This deal was led on behalf of Paragon Bank’s SME Lending division by Kat Schorah, who worked with Philip Bentley, founder of Bentley Associates, to deliver this deal.

Kat Schorah, Internal Sales, SME Lending at Paragon Bank, commented: “At Paragon, we provide funding facilities for various assets and equipment, however a modular building like this one is slightly more unusual.

“Therefore, we were delighted that we could support this innovative project, working with Bentley Associates and Actiform to fund the new facility for Waterloo Health Centre and support the local community in this way.”

Philip Bentley, Founder of Bentley Associates, added:“Waterloo Health Centre has been a fantastic project to work on with Actiform and Paragon, we’re pleased that we have been able to facilitate funding for a vital local service in a short time frame.

“This was a complex deal needing an imaginative and flexible approach, with a few hurdles to overcome – and delivery within a tight deadline. The service from Kat and the team at Paragon was outstanding.”

Stefan Dransfield, Managing Director of Actiform Ltd, said:“This scheme threw up not only construction hurdles, being an infill site located on a busy street, but also funding challenges to accommodate the requirements of the Health Practice, the SEL ICB and the Waterloo Community. This could not have been delivered within the timescale without the positive contribution from all of the parties involved, and the invaluable support from the Paragon Team. We very much look forward to further partnerships with Paragon.”