The company completed a £30m finance agreement with bridging lender Signature Property Finance to bolster its growth plans.
The lender announced it lent £56m at the end of August, exceeding its total lending for the whole of 2022. It has an aim to increase its loan book to £100m.
The other agreement was a £25m facility with an undisclosed development finance provider.
Lewis Fitzsimons, joint co-head of Paragon Structured Lending, said: “Signature Property Finance has experienced strong growth this year and has ambitions to develop the business further. This new funding line will enable the business to support more customers in the bridging space.”
Thomas Howells, chief operating officer at Signature Property Finance, added: “The team at Paragon understands our focus on building relationships, rather than cutting rates, is driving demand, and given the recent changes in the property market, the certainty of funding we provide will become even more important.
“This agreement with Paragon is just the latest step in the journey to our £100m loan book target and will help bring us nearer to this objective. Our commitment to do what we say we are going to do, has clearly struck a chord with property professionals and is key to our long-term success.”
Jamie Pickering, co-head of Paragon Structured Lending, said: “We have enjoyed a strong start to our financial year with the completion of these two latest deals, supporting ambitious companies to achieve their growth objectives. We’re keen to support non-bank lending businesses to expand their own lending activities.”
Paragon provides senior secured funding to help UK-based, non-bank lending businesses grow their own lending activities. The division has over £250m of committed facilities.