3West Group completes £12.5m Paragon funding for Exmouth Goodmores development

By Bridging Loan Directory 30th January 2023

South West-based housebuilder 3West Group has secured a £12.5 million finance facility with Paragon Bank’s Development Finance division to support its new housing project in Exmouth, Devon.

The funding package will support the first phase of the ‘Goodmores’ development which will consist of 81 two, three and four-bedroom houses.

3West Group is an independent housebuilder creating high-quality, desirable homes in sought-after locations across the South West of England.

Its homes are built to the highest specification providing kitchens from Exeter based System Six with integrated Bosch appliances, well-appointed bedrooms with built-in wardrobes and electric car charging points.

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 for residents to enjoy.

The scheme is surrounded by picturesque East Devon scenery, lying moments away from Woodbury Common, a short distance to the two-mile long Exmouth beach and with easy access to Exeter city centre.

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.

We have developed a strong working relationship with James and the team at Paragon.

They have shown a great understanding of our business and made the funding process organic and straightforward.”

James 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.”