Paragon Bank’s development finance division has exceeded the £3 billion lending milestone.
The £3 billion of lending has been achieved since Paragon acquired Titlestone in July 2018 and has led to the development of approximately 13,000 new homes.
The development finance business has continued to diversify its offering over the past six years, launching into the Purpose-Built Student Accommodation (PBSA) market. More recently, Paragon launched its Build-to-Rent proposition to serve this burgeoning market.
Additionally, Paragon launched the Green Homes Initiative in 2021, which was recently increased to £300 million due to strong demand from developers seeking to build the most energy-efficient homes. There are currently 900 homes being funded through the scheme.
The development finance proposition of the FTSE 250 specialist lender launched in 2016 and was bolstered by the company’s acquisition of development finance provider Titlestone.
Since then the development finance division has continued to be a growth area for the business, with recently released half-year results showing that the new business pipeline has increased by 21%, to £186.4 million in the six months to the end of March.
Neal Moy (pictured), 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.”