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Paragon Group completes third securitisation deal this year

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  • 13/11/2014
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Paragon Group completes third securitisation deal this year
Paragon Mortgages' parent company the Paragon Group, has completed its third securitisation deal this year and the fourth since September 2013.

Paragon said the latest move, called Paragon Mortgages No.21 (PM21), supports its on-going new lending programme.

John Heron, managing director of mortgages, said the firm is delighted to complete another successful transaction and with the continued strength of our overall securitisation programme.

He added: “This clearly demonstrates our confidence in the wholesale funding markets and the general appetite from investors for securities backed by high quality buy-to-let assets.

He said what the completion of this deal also shows is that the buy-to-let market is continuing to gain pace.

“The latest data available from the CML points to continued improvement in buy-to-let lending and suggests that total advances in 2014 will be in the region of £26bn to £27bn, a marked improvement on last year’s lending volumes and a further indication of the level of demand in both the buy-to-let market and wider Private Rented Sector.”

In February 2014 Paragon Group launched its banking subsidiary, Paragon Bank PLC.

It is a retail-funded lending bank with a direct-to-consumer internet platform for savings with a loan product distributed via intermediaries.

 

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