Paragon announces development finance team changes

Robert Orr (pictured) will step down from his current role as managing director and be succeeded by deputy managing director Neal Moy, who joined Paragon Development Finance in October 2021.

Orr will remain within the business in a part-time role as senior adviser to the development finance team.

Paragon Development Finance has expanded significantly since the Paragon Banking Group acquired development finance specialist Titlestone for £48m in July 2018.

The relationship director team has grown over 200 per cent, while the division recorded a 41 per cent increase in advances during the first half of Paragon’s latest financial year. The division lent £323.7m during the six months to the end of March, compared to £229.5m during the same period in 2021.

Expansion

The division’s loan book ended the period at £672.9m, compared to £552.3m the year before.

Orr said: “I’m reaching the milestone of 40 years full-time working this September and always had in mind that this would be a good time to have a change in my work/life balance. I’m really proud of what we have created at Paragon since its acquisition of Titlestone four years ago and no doubt I’ll miss the buzz of leading this great business.

“But I’m delighted to still be involved with Paragon going forward in an advisory capacity and, having worked closely with Neal over the last nine months, I know that development finance is in good hands under his leadership.”

Neal Moy was the founder and managing director of the RateSetter Development Finance business before it was acquired by Shawbrook Bank in 2021. He has also held real estate positions at RBS, Lloyds and Deutsche Postbank in a 30-year property career.

Moy added: “Robert has done an amazing job in growing the development finance capabilities of Paragon over the last four years. During this time, he has built a strong team, enhanced the product range, and established a business with an excellent reputation for delivery. I’m excited to be taking over from him and leading the business forwards.”

Dave Newcombe, managing director of Paragon Bank’s commercial banking divisions, said: “Robert’s passion for delivering a first-class service to our clients is engrained within the strong team he has developed, and he hands over a business that has delivered year-on-year lending growth since Paragon’s acquisition of Titlestone.

“Whilst Robert is stepping down from running the business on a day-to-day basis, I am delighted that he has agreed to continue to support the Development Finance business as a senior adviser. I am also delighted that Neal Moy, who has a wealth of experience in the development sector, is moving up to be our new managing director.”