Paragon doubles BTL lending
During 2015, Paragon's buy-to-let lending totalling £1.33 billion - representing a 102% increase on last year, according to its results for the year ending 30 September 2015.
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The pipeline of new BTL applications further demonstrated the growth in business and at 30 September stood at £713.7 million – up 72.1% compared with the same period last year.
Paragon Mortgages’ parent company, The Paragon Group of Companies, reported a 10.2% increase in underlying profit for the period, reaching £134.7 million.
John Heron, Director of Mortgages, said:
“Access to retail markets through Paragon Bank has provided the Group with a material diversification of funding. This has helped facilitate a step change in buy-to-let lending driven by a significant broadening of our product range and a more consistently competitive position for both large-scale professional landlords and smaller-scale property investors.
“It has been a fantastic year for the Group overall and with our acquisition of Five Arrows Leasing through Paragon Bank, there will be more exciting opportunities to come.”
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