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Friday, December 06, 2019

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Paragon’s commercial lending division records 28% increase in loan book to £1.45bn

Sam Monk | 16:53 Tuesday 26th November 2019

Paragon’s commercial lending division expanded its loan book by 28% to £1.45bn in the 12 months to 30th September 2019, according to the group’s annual results.

The division — which includes development finance, SME lending, structured lending and motor finance — also reported a 36% increase in new lending volumes to £968m.

Other highlights from the group’s annual results included:

  • underlying profits for the group increased by 5% to £164m (2018: £157m)
  • new lending to developers rose to £363m (2018: £137m) 
  • SME lending grew by 15% to £407m (2018: £355m) 
  • the specialist bank’s structured lending team had eight transactions in place, compared with three at the end of 2018, having delivered £50m of net new lending
  • new motor finance lending fell from £178m to £149m
     

Dave Newcombe, managing director of commercial lending at Paragon (pictured above), said: “Strong growth in Paragon’s lending, particularly to UK SMEs, is truly reflective of our commitment to support British businesses — helping them to grow and achieve their ambitions.”

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