The Paragon Group of Companies has completed a £350m securitisation transaction consisting of buy-to-let and other residential mortgages.
Paragon’s chief executive, Nigel Terrington said: “The improvement in the pricing reflects the quality of our buy-to-let assets and we have seen our bond investor base growing further.
“We were also pleased to include in the transaction funding for £67m of mortgages following the call of the notes of another securitisation, First Flexible No. 4 PLC, allowing us to refinance these loans at an improved cost of funding and with a lower level of credit enhancement.”
Paragon will be announcing its half-year financial results for the six months to 31 March 2014 on 20 May.
