Since Paragon’s acquisition of Titlestone Property Finance in 2018, the business has reached a lending milestone of £4bn.
Paragon said most of these projects were predominantly with SME housebuilders and specialist developers.
The development finance division has expanded in scale and geographic reach. Last financial year, the proportion of schemes financed by Paragon in the North of England – including the North West, North East and Yorkshire and Humber – increased by more than 50% year-on-year.
Neal Moy (pictured), managing director of Paragon Development Finance, said: “This milestone is a reflection of the trust our customers, brokers and professional partners place in us, with more than half of new deals coming from repeat customers. Given the challenges of the operating environment, this is something we’re really proud to have achieved.
“We have stayed agile and committed to supporting experienced SME developers through long-term partnerships, as well as broadening our proposition to cater for a wider range of development schemes. We’re confident in the long-term opportunities lying ahead for the sector, both in residential and more specialist areas, and will continue to work with developers to provide the expertise and backing required to deliver the homes and buildings communities need.”
Nigel Terrington, chief executive of Paragon Banking Group, said: “The development finance division has evolved significantly since joining the group in 2018, building a strong track record not only in residential development finance but across a growing range of specialist sectors.
“Under Neal’s leadership, the team’s ability to identify attractive opportunities, develop deep sector expertise and support customers through changing market conditions has made it an increasingly important and resilient part of the wider group demonstrating the benefits of operating a diversified lending business.”
