Paragon achieves strong Q1
Paragon Banking Group increased new lending by 41% to £661m year-on-year in the first financial quarter of 2019.
Within that total buy-to-let advances rose by 24% to £425m, while following the acquisition of development lender Titlestone it increased commercial lending by 105% to £212m.
John Heron (pictured), managing director of mortgages at Paragon, said: “The group has started the year well, delivering strong growth across all our core business lines.
“Our buy-to-let mortgage capability continues to go from strength to strength as we expand our specialist proposition to meet the needs of larger scale landlords with more complex portfolios.”
Paragon said its experience and capability enabled it to increase its share of more specialist, professional landlord business with 88% of completions from complex landlords, including those operating through incorporated structures.
At the end of December, Paragon’s buy-to-let lending pipeline was £729m, an increase of 18% compared with the same point last year.