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Paragon reveals 584% growth in seconds advances
Paragon Bank has announced that it saw second charge mortgage advances grow 584% through its Paragon Personal Finance (PPF) arm, after the bank posted its maiden profit.
In the Paragon Group’s half-year report, PPF revealed that as of 31st March 2016 it had made £26m of second charge mortgage advances, up from £3.8m on 31st March 2015.
The pipeline of new business as of 31st March was £11.5m, up from the £1m figure the year before.
Commenting on the results, Nigel Terrington, Chief Executive at Paragon said: "This has been another outstanding performance from Paragon, with strong profit growth complemented by significant progress in our lending activity and further development in our diversification strategy.”
PPF’s average second charge loan size was just over £53,000, with an average loan-to-value ratio of 63%.
This news came as Paragon Bank posted a maiden underlying profit for the period of £1.7m, after revealing an underlying loss of £4.4m in H1 2015.
Nigel praised the speed at which the bank has become profitable, having launched less than two years ago.
As well as launching into the development finance sector, the group marked its entry into the asset finance market in November last year after acquiring Five Arrows Leasing Group Limited, which is now known as Paragon Bank Asset Finance Limited.
Nigel cited this diversification as a key factor in the bank’s profitability.
“[Paragon’s] leading position in the specialist buy-to-let market is now being complemented by a broader and more diversified series of business lines, including SME lending,” he explained.
“This leaves the Group well placed to continue to develop and deliver increasingly broad product offerings for our customers, which in turn supports improving returns for our shareholders."
Paragon Bank comes under the Paragon Group of Companies, which also includes buy-to-let lender Paragon Mortgages and debt purchaser Idem Capital.
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