Housebuilder lands £12.5m facility for Devon scheme

South West-based housebuilder 3West Group has secured a £12.5m finance facility to support its new housing project in Exmouth, Devon.

The funding package from Paragon Bank’s Development Finance division will support the first phase of the ‘Goodmores’ development which will comprise 81 two, three and four-bedroom houses.

In addition to new housing, the Goodmores scheme will deliver a site for a new school, playing pitches and five acres of mixed employment land, together with woodland walks and open spaces.
The funding is Paragon’s first deal with 3West Group and was led on behalf of the bank by relationship manager James Helmore.

James Fowler, director at 3West Group, said: “We’re delighted to be working with Paragon on the first phase of the Goodmores development, delivering high quality, innovative and customer-focused homes in the town of Exmouth. We’re looking forward to welcoming our first buyers to their new homes later this year.”

Helmore added: “This is our first deal with 3West and we are pleased to be assisting them on this first phase of the Goodmores development. Works are already well underway and we look forward to seeing the scheme take shape over the coming months and continuing our relationship with the team.”