Paragon Bank’s development finance division has surpassed the £3bn lending milestone.
The £3bn of lending has been reached since Paragon acquired development finance lender Titlestone for £48m in 2018. The firm said this led to the development of around 13,000 new homes.
Paragon Bank’s development finance business has continued to diversify its offering since then, including a launch into the purpose-built student accommodation (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. Some 900 homes are currently being funded through the scheme.
Opportunities in development finance
Paragon Bank launched its development finance business in 2016 and according to its most recent set of results covering the first half of the year, its new business pipeline rose by 21% to £186.4m in the six months to March.
Neal Moy, managing director 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 past six years.
“We’re 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 broadening our client base.”
In its latest results, Paragon Bank completed £1.4bn in buy-to-let lending.
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS
