You are here: Home - News -

Paragon BTL lending up 90% ahead of Q1 bank launch

by:
  • 26/11/2013
  • 0
Paragon BTL lending up 90% ahead of Q1 bank launch
Paragon boosted gross mortgage lending to landlords by 90% in the year to September while making “good progress” on launching a consumer-facing bank, its results have revealed.

The lender advanced £359.8m in the year to September 2013, compared to £188.9m in the same period of 2012. Buy-to-let business yet to complete totalled £231.9m.

The group described its application for a banking licence as “making good progress” and “well advanced” with launch planned for Q1 2014. Paragon plans to launch motor and second mortgage lending, with further product lines planned funded by retail deposits.

Paragon Mortgages also launched two securitisations in the last 12 months and increased its warehouse facility to £450m. Depending on mortgage volumes, it may seek additional warehouse capacity.

Director of mortgages John Heron (pictured) said it has been an excellent year: “The mortgage business has performed strongly over the past year, not only increasing lending, but developing new, competitive products and launching two securitisation deals.

“We have successfully laid the foundations for further growth for the future, as the buy-to-let market continues to gain momentum and demand from landlords remains high.”

Parent company Paragon Group reported a 10% increase in profits for the year, with pre-tax profits of £105.4m.

There are 0 Comment(s)

You may also be interested in