Paragon Bank’s development finance division has financed nearly £150m to property developers in the Midlands last year, supporting new homes across the region.
The bank provided funding for 16 projects from October 2023 to September 2024, with schemes located in Birmingham, Coventry, Derby, Nottingham, and Wolverhampton.
Of the total, £103m was lent to developers in the West Midlands across 11 schemes, while £45m financed five projects in the East Midlands.
Notable projects included a £32.5m scheme in Birmingham for a 266-bedroom student accommodation project for Mercia Real Estate and £21.1m for the second phase of Elevate Property Group’s Silk Yard Development in Derby.
Additionally, a £5.4m loan supported a 34-unit scheme in Nottingham for Hockley Developments Ltd.
Neal Moy, managing director of Paragon Development Finance, said: “We are committed to support more developers across the Midlands and, with our highly experienced team and the backing of a strong and profitable bank, we have the capacity and appetite to do so.”
“We were able to support a range of developments last year, from small high-end single digit housing schemes to large-scale projects to purpose built student accommodation.
Moy added: “The Midlands is a diverse region and boasts vibrant cities across the East and West, as well as other fantastic locations to live in some of the smaller towns and villages.
“We look forward to working with more developers in the region during 2025 and we are committed to becoming the development funding partner of choice.”
