Paragon Bank has provided over £50m in development finance to property developers and housebuilders in the South West over the past year.
This supported the construction of new homes in areas such as Bath, Bristol, Yeovil, and Weston Super Mare, backing 18 projects by 30 September 2024.
The funding included a £7m loan for a site acquisition in Bath, planned for 244 residential units plus commercial space, a £13.7m loan for 19 houses and 21 flats in Exeter, and a £4m loan for building 10 houses in Minehead.
Overall, Paragon development finance lent £511.9m across the UK during this timeframe.
Nigel Jackson, senior relationship director at Paragon Development Finance, said: “The South West is an attractive region for homeowners, property investors, students and tenants, boasting vibrant cities, good connections to the capital and a diverse and beautiful geography.
“We saw strong demand from our clients for new projects across the region, from Cornwall to Gloucester, including a range of different schemes.
“We are committed to support more developers in the South West and, with our highly experienced team and the backing of a strong and profitable bank, we have the capacity and appetite to do so.”
