Paragon returns to new lending
Paragon Group has made its much-anticipated return to new lending with a buy-to-let mortgage range targeting professional landlords.
The company will lend through its Paragon Mortgages brand and is to start lending with immediate effect through a panel of buy-to-let brokers.
Paragon will expand its distribution over the next few weeks, and will accept both intermediary and direct business.
Macquarie Bank is providing a £200m revolving credit facility to bankroll Paragon’s return to lending, marking the first buy-to-let mortgages the company has offered since February 2008.
The credit facility can also be used to fund any securitisation deals Paragon wishes to issue in the future.
At the same time as announcing its new buy-to-let range, Paragon has issued a trading update with expected operating profits for the year to September 30, 2010 estimated to be between £40.5m and £65m.