The £3 billion of lending has been reached since Paragon acquired development finance lender Titlestone for £48 million in 2018
Paragon Bank’s development finance division has surpassed the £3 billion lending milestone.
The £3 billion of lending has been reached since Paragon acquired development finance lender Titlestone for £48 million in 2018. The company said this led to the development of nearly 13,000 new homes.
Paragon Bank’s development finance business has continued to diversify its offering since then, including a launch into the PBSA market. More recently, the lender launched its build-to-rent proposition.
The lender also launched its Green Homes Initiative in 2021 to support SME builders developing homes with high energy performance standards. Around 900 homes are currently being funded through the scheme.
Paragon Bank launched its development finance business in 2016 and as per its most recent set of results covering the first half of the year, its new business pipeline increased 21% to £186.4 million in the six months to March.
Neal Moy, MD of Paragon Bank’s Development Finance Division, said: This lending milestone is a credit to the continued hard work, experience and expertise of the development finance team. The business continues to go from strength-to-strength and our high levels of repeat business are testimony to the quality service we offer to our customers. We have one of the strongest teams in the sector, which we have bolstered with quality hires over the last six years.
We are delighted to have supported many developers across the UK, helping to deliver high-quality homes, as well as continuing to innovate our product offering and widening our client base, Moy added.
In its latest results, Paragon Bank completed £1.4 billion in BTL lending.
