The funding package includes £11.5m for Elevate’s 60-apartment build in Solihull and £11.9m for the second phase of the company’s project in Nottingham.

Set for completion in autumn this year, the Imperial House development in Solihull will consist of one, two, and three-bedroom apartments in the city centre.

The Muller Yard project in Nottingham – set for completion in July – will comprise 44 new build apartments and 14 townhouses.

The latest funding marks the fourth deal between Paragon and Elevate following the bank’s £13.1m of funding for the company’s Priory House scheme in Birmingham, as well as the first phase of Nottingham scheme.

Steve Dodd, managing director at Elevate, said: “We’re excited about these two schemes.

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“Trent Bridge Quays has been a great success and we look forward to bringing Phase II to market shortly.

“Meanwhile, Imperial House will be a fantastic addition to Solihull, benefitting those who work in the town, or who commute to Birmingham or London.”

“We have developed an excellent relationship with Paragon.

“They have been a supportive partner on the schemes on which we have previously worked together, and I’m delighted they have backed these two exciting developments.”

Toby Burgess, development finance relationship director at Paragon, added: “Buyers like Elevate developments because they offer well-designed spaces with a much higher specification than is commonly seen.

“Both Imperial House and The Muller Yard are developments we are looking forward to seeing progressing, working with Steve and the team to deliver a great result.”