3West Group has secured a £9m revolving credit facility (RCF) with Paragon Bank to fund the next phase of development at its Goodmores residential scheme in Exmouth, Devon.
The funding package, which will support the delivery of 71 new two-, three- and four-bedroom homes, refinances a bridging loan provided by Paragon in June 2024, which supported the acquisition of the site.
The latest phase of development at the site qualifies for Paragon’s Green Homes Initiative, which aims to support SME housebuilders by rewarding them for building energy-efficient homes. Under the terms of the initiative, schemes that deliver homes with an EPC rating of A can receive up to a 50% reduction on loan exit fees.
James Helmore, relationship director at Paragon Bank, 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.”
