Paragon Banking Group has announced that its commercial lending division has doubled new lending in its latest trading update.
It reported a 105% increase in lending to £212m for the quarter ended 31st December 2018, compared with £103m for the same quarter the year earlier.
Asset finance and development finance led growth within the division.
Asset finance lending was up 56% to £93m, up from £60m, which included £19m of finance through Iceberg, which it recently acquired.
Development finance lending increased 451% year-on-year, with £79m of new business written in the quarter.
Richard Doe, managing director for commercial lending at Paragon (pictured above), said: “These results show further progress and strong growth for the commercial lending division and our recent acquisitions of Titlestone and Iceberg are only helping to grow our business to new levels across asset finance and development finance.
“As a specialist lender, Paragon is working hard to improve access to funding for British companies and SMEs and our increased levels of lending reflect this.”
The group reported a 41% increase across all business lines to deliver £661m of new lending in the quarter.
Buy-to-let advances at the bank were up 24% to £425m, mortgage lending grew by 22% to £449m, while its deposit savings balances exceeded £5.6bn at the quarter end.
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
N26 officially launches in the US
N26 has officially launched in the USA after completing its two-month beta program...
An interview with Ed Siegel: Savers want ‘reassurance’ that their money is used to support positive social change
In an interview with Specialist Banking, Ed Siegel, chief executive at Charity Bank (pictured above), talks about the rising demand for ethical finance, and improving awareness of this particular sector...
Landlord confidence reaches seven-year low
Only 29% of landlords have positive expectations for their letting business over the next three months, according to recent research...
Shawbrook grows structured finance team
Shawbrook Bank has appointed Brook Kalkhoven (pictured above) as an associate director to its structured finance team...
OakNorth expands with new Manchester office
OakNorth has moved into a new office in Manchester at Ship Canal House...
What is a link mortgage?
Assume you have a high-net-worth (HNW) client who finds a new property they want to purchase before they have sold their main residence — what solution would you choose...
Shawbrook names new relationship director for London
Shawbrook Bank has appointed Adam Agius (pictured above) as its new relationship director for the London, Thames Valley and South region...
Wyelands Bank launches asset finance offering for renewables sector
Wyelands Bank has appointed Mark Turrell (pictured above) to its asset finance team as it launches its newly created offering for the renewables sector...
Leek United reveals mortgage rate reductions
Leek United has revealed rate reductions for two of its most popular mortgages...
Gravity selects Finastra to power banking and lending services
Gravity has selected Finastra’s Fusion Essence in the cloud solution for its end-to-end core banking capabilities...
An interview with Paul Stockwell: Islamic finance has ‘enormous opportunity’ for growth over coming years
In an interview with Specialist Banking, Paul Stockwell, chief commercial officer at Gatehouse Bank (pictured above), discusses increasing awareness of Islamic finance and opportunities in the banking world...