Paragon Mortgages’ parent company, The Paragon Group of Companies, has released its results for the year ending 30 September 2015.
The group reported a 10.2% increase in underlying profit for the period, reaching £134.7 million (2014: £122.2 million).
During the year Paragon saw a substantial increase in activity, with buy-to-let lending totalling £1.33 billion – representing a 102% increase on last year (2014: £656.6 million).
The pipeline of new applications further demonstrated the growth in business and at 30 September stood at £713.7 million – up 72.1% compared with the same period last year (2014: £414.8 million).
John Heron, director of Mortgages, said: “Access to retail markets through Paragon Bank has provided the group with a material diversification of funding. This has helped facilitate a step change in buy-to-let lending driven by a significant broadening of our product range and a more consistently competitive position for both large-scale professional landlords and smaller-scale property investors.
“It has been a fantastic year for the group overall and with our acquisition of Five Arrows Leasing through Paragon Bank, there will be more exciting opportunities to come.”