Paragon Bank’s structured lending team has passed its £100m milestone 18 months after launching.
This followed the specialist bank’s latest deal with Go Car Credit.
It provided a £12.5m loan to the specialist car lender, which will use the funding to support its strategy of increasing new motor finance loans to underserved and non-prime customers and raising its online presence.
“We are delighted to have signed our seventh deal with UK specialist car lender Go Car Credit, which is another example of how Paragon is using its expertise to support British businesses to grow and achieve their ambitions,” said Lewis Fitzsimons, senior director of structured lending at Paragon.
Mark Giles, chief executive at Go Car Credit, added: “Securing the new funding facility is an exciting development for Go Car Credit and reflects our commitment to implementing a sustainable customer- and dealer-centric model that embraces innovation in the industry.”
Adam Daniels, managing director of structured lending at Paragon, described the milestone as an “important landmark for the team” and said that the specialist bank would be supporting “some new sectors in the coming months”.
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