View more on these topics

BTL growth contributes to healthy profit for Paragon

John Heron

Paragon Mortgages’ parent company the Paragon Group of Companies has reported a £95.5m profit for 2012, up 18 per cent from £80.8m in 2011.

Buy-to-let lending was up 45 per cent for the year ending 30 September with £184.3m advanced, up from £127m in 2011.

Total warehouse lending facilities increased to £450m.

Paragon Mortgages managing director John Heron says: “Our focus for this past year has been to grow the buy-to-let business and increase funding capacity. This has been successfully achieved.

“Buy-to-let is the only area of the mortgage market that is growing at a healthy and sustainable level. We have a strong capital base and are well-funded which gives us a platform on which to grow our buy-to-let lending through our Paragon Mortgages and Mortgage Trust brands.”

Paragon launched a £200m securitisation in October which it said would be used to fund new lending.

In September, the buy-to-let lender secured a second £200m warehouse facility with Lloyds Bank to be used alongside the existing £200m facility from Macquarie Bank.

The Macquarie facility was renewed on 5 November and extended to £250m.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com