Unveiled in its half year results, Paragon ended the period with £921m lent up from £877m the year before.

New lending in the development finance division remained in line with the last year at £260m.

During this time Paragon widened its product offering with new propositions aimed at care home and later-living schemes.

Overall, Paragon Banking Group recorded underlying profit before tax of £145.7 million for the period, with a 3.8% increase in the Group’s net loan book.

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“We have delivered a solid performance in development finance during the first half, maintaining new lending at last year’s level and growing the loan book despite ongoing challenges in the housing market and a difficult environment for SME developers,” said Neal Moy, managing director of development finance at Paragon Bank (pictured above).

“At the same time, we have continued to broaden our proposition into areas such as care homes, later living and light industrial, helping us support a wider range of specialist development opportunities.”