The lender said this would make it faster and easier for landlords with up to 15 properties to grow their portfolios.
Paragon launched the streamlined origination process earlier this year for single self-contained properties, which pulls data from sources such as Companies House, Experian and Hometrack to populate applications and has improved requirements for documentation.
The process is available up to 75% loan to value (LTV) and up to £2m exposure with Paragon.
For qualifying applications with Paragon carrying out the valuation, brokers only needed to submit a property schedule. This will only be required where borrowers hold four or more BTL properties.
The process will not require the upload of payslips, tax returns or bank statements in most cases, and limited company applicants will not be asked to provide two years of accounts upfront.
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All applications will be fully underwritten and additional documentation will be requested where needed.
Louisa Sedgwick, managing director of mortgages at Paragon Bank, said: “This is a natural next step in the evolution of our proposition. We’re proud of our heritage in complex BTL lending, and this enhancement means landlords can now access that expertise through a much simpler and faster application journey.
“HMOs and MUBs are increasingly attractive to landlords looking to maximise returns, and we want to make it easier for those new to these property types to get started and grow.”
Russell Anderson, commercial director for mortgages at Paragon, added: “This development is part of our ongoing strategy to enhance our offering and support the next generation of landlords. By making it easier for these landlords to place more specialist business with us, we’re broadening our reach while continuing to support the more experienced and larger-scale landlords we’re known for working with.”
