Operating profits also increased by 16.7% on the same time in 2011, to £23.7m. By December 31, the pipeline of new buy-to-let business had reached £102.7m.
Paragon director of mortgages John Heron said the first quarter had been a successful one: “Following the increase in our funding capacity with the additional warehouse from Lloyds and the extension of our existing Macquarie facility, we are actively growing our buy-to-let business.
“In January we announced the launch of a range of limited edition products through our Mortgage Trust brand and the increase in our lending activities over the last few weeks will be reflected in the second quarter.”
Today, Paragon ‘s chief executive Nigel Terrington was appointed chair of the Council of Mortgage Lenders.
Developing relationships with regulators and harnessing industry expertise were among the key aims he listed for his term.
