London, GB 10 °C

Thursday, March 28, 2024

News

Paragon Banking Group expects 25% BTL pipeline growth

Theo Osborn | 07:30 Wednesday 19th September 2018

Paragon Banking Group has announced that its BTL pipeline at 30th September 2018 is expected to be more than 25% higher than the level reported at the same time last year.

The group reported that underlying profits for 2018 were in line with the board’s expectations in its latest trading update ahead of its 30th September 2018 year end.

It also revealed that its retail deposit base now exceeds £5bn.

The BTL operation has maintained its focus on professional landlord business, which now represents approximately 90% of the bank’s application flows.

Idem Capital – Paragon's portfolio purchase division – has disposed of a portfolio of wholesale funded assets for a premium, capitalising on strong market conditions.

The bulk of the remaining Idem assets will be transferred to Paragon Bank, which will be funded by retail deposits.

Paragon also reported that the integration of the Titlestone business acquired in July has added further scale to its commercial lending division.

Nigel Terrington, chief executive at Paragon Banking Group (pictured above), said: "The Idem Capital transaction and Titlestone acquisition in the final quarter of 2018 demonstrate the group's ability to refocus capital to support its growth businesses and enhance value for shareholders.

“In spite of the prevailing macro uncertainties, we are well placed to benefit from scale economies in the commercial lending division, and the group continues to cement its position as a leading lender to professional landlords in the UK, underpinned by its 22-year history in this market.

“We look to the future with confidence."

leave a comment

Your email address will not be published.