Paragon Bank’s Development Finance team has strengthened its support for regional housebuilding with a £9m revolving credit facility to 3West Group, funding the next phase of development at Goodmores, a major residential development in Exmouth, Devon.
The funding package supports the delivery 71 new homes, a mix of two, three and four-bedroom houses, and builds on the momentum of two earlier phases already supported by the bank.
This latest facility refinances a bridging loan provided by Paragon in June 2024, which supported the acquisition of the site.
The relationship between Paragon and 3West Group began in December 2022 when funding for the first phase of the Goodmores development was drawn.
The total gross development value (GDV) across all three phases is approximately £90m.
The deal was led by James Helmore, relationship director at Paragon Bank.
Helmore said: “We’re delighted to continue our support with 3West Group on this established development in Exmouth.
“This facility reflects our commitment to backing quality regional housebuilding where it’s needed most, whilst building valuable, long-term partnerships with developers who have the local knowledge to deliver successful placemaking schemes.
“The strength of the local market and the quality of the scheme make this a compelling project.”
James Fowler, director of 3West Group, added: “Paragon has been a supportive and flexible funding partner from the outset.
“The team’s understanding of the development process and commitment to our vision has been key to progressing this scheme. We’re proud to be delivering high quality homes in such a sought-after location.”
