Paragon completes latest securitisation

Paragon Mortgages No.22 is the fifth deal completed by the Group since September 2013 and the sixtieth securitisation deal completed by the specialist lender in total. The Group was the first lender to securitise mortgages in the UK in 1987 and the first to securitise buy-to-let mortgages following the financial crisis.
 
The £300 million deal marks a further step in the Group’s strategy to broaden and diversify its funding. The deal is the first completed by Paragon since the crisis to include a tranche of Euro notes, to meet the growing demand from European investors.

John Heron, Director of Mortgages, said:

“This new deal, our sixtieth to date, develops our funding programme further. The transaction builds on our success in the Sterling RMBS Market, including a tranche in Euros for the first time post 2010.
 
“Access to European investors allows the Group to tap in to a much deeper funding market than is available in Sterling alone and this in turn helps support further growth in buy-to-let lending whilst maintaining a strong and competitive position.
 
“New lending activity in the wider buy-to-let market grew by 23% over the last 12 months and expectations are that lending could reach £30 billion this year as investors continue to view buy-to-let as an attractive long-term proposition.”