"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"
- James Helmore - Paragon Bank
Paragon Bank’s development finance team has provided a £9 million revolving credit facility to 3West Group to fund the next stage of the Goodmores residential scheme in Exmouth, Devon.
The funding supports the construction of 71 new homes, comprising two, three, and four-bedroom houses. It follows two earlier phases of the project that were also backed by the bank.
This latest facility refinances a bridging loan agreed in June 2024, which had supported the site’s acquisition. Paragon’s relationship with 3West Group began in December 2022 with funding for the scheme’s first phase. Across all three phases, the total gross development value is around £90 million.
Homes in the latest phase are designed for high energy efficiency, incorporating features such as electric vehicle charging points and strong EPC ratings. The development qualifies for Paragon’s Green Homes Initiative, which rewards SME housebuilders delivering energy-efficient homes. Under this initiative, developments with an EPC rating of A for at least 80% of private units can receive up to a 50% reduction on loan exit fees, provided a minimum of five private units meet the requirement and the remainder achieve at least EPC C.
Exmouth remains a sought-after location, combining coastal and green living with good transport links to Exeter. As of July 2025, average house prices in the town reached £362,000, 35% above the national average. East Devon has recorded one of the strongest growth rates in the region, with prices up 4.2% over the past year, while buyer demand has risen 8% since early 2024.
"We’re delighted to continue our support with 3West Group on this established development in Exmouth," said James Helmore, relationship director at Paragon Bank. "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."
"Paragon has been a supportive and flexible funding partner from the outset," added James Fowler, director of 3West Group. "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."
