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Paragon doubles lending after surge in demand for complex loans




The buy-to-let (BTL) specialist saw its lending completions grow 100.3% on the previous quarter to reach £371m as of 31st March 2017, buoyed by renewed interest from portfolio landlords.

Total new BTL lending stood at £556.2m for the six months ended 31st March, up 65% from the six months to 30th September 2016.

Meanwhile, the pipeline of new BTL business going into the April-September 2017 period more than doubled to £742.3m from the same period last year.

“The buy-to-let market is changing as a result of the developments in tax and regulatory policy towards the sector,” said John Heron, managing director at Paragon Mortgages (pictured above).

“We have seen greater polarisation in recent months in the market as professional landlords have shaped their investment strategies to mitigate the impact of these changes.

“With many years’ experience in delivering the more specialist products and services that these landlords require, Paragon is clearly in a strong position to benefit from this significant realignment in the market.”

Paragon received an increased proportion of applications from landlords with more specialist needs, with 64.7% of applications coming from those with larger and more complex portfolios.

Over a quarter (26.5%) were from landlords operating in limited company structures.

The lender’s growth helped its owner, Paragon Group of Companies, to report underlying profits of £70.1m for the six months ended 31st March 2017, compared with £69.4m for the same period last year.

Outside of BTL, the group also achieved strong growth in asset finance, with new lending having climbed 84.7% to £106.6m in the same period.





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