More than £50m was lent by the development finance arm of Paragon Bank last year to support much-needed residential development schemes across the South West.
The specialist division, part of the Midlands-based Paragon Banking Group, lent to developers and housebuilders behind 18 projects in the region in the year to 30 September, including schemes in Bristol.
Paragon Development Finance senior relationship director Nigel Jackson said: “The South West is an attractive region for homeowners, property investors, students and tenants, boasting vibrant cities, good connections to the capital and a diverse and beautiful geography.
“We saw strong demand from our clients for new projects across the region, from Cornwall to Gloucester, including a range of different schemes.
“We are committed to support more developers in the South West and, with our highly experienced team and the backing of a strong and profitable bank, we have the capacity and appetite to do so.”
FTSE 250-listed Paragon provides competitive property development finance up to the value of £35m across England and Wales.
Established in 1985 and head-quartered in Solihull, specialist lender and savings bank Paragon Banking Group has more than £16bn of loan assets under management and manages 340,000-plus customer accounts.
Among its previous Bristol projects are a £15.5m funding package for developer City and Country for the final phase of its flagship redevelopment of the city’s former General Hospital, pictured, including 300 apartments along with an arcade of shops, boutiques and cafes.
Other Bristol schemes backed by Paragon include £21.5m to help Juniper Homes to convert the listed former Redland School for Girls into a number of new apartments and houses, £22.8m to Galliard Homes to redevelop the former Brooks Laundry in St Werburghs into new homes, £12.7m for Acorn Property Group to convert Brunel House, a former school at Ashley Down, into new apartments, and £4.9m for Cheltenham-based housebuilder Complete Project Development’s 26-apartment scheme at Portishead Marina.