Between 1st October to 31st December 2018, the specialist bank saw £79.3m of new lending for development finance, compared with the £14.4m reported in the same quarter in the previous year.
The development finance volumes reflected a full quarter of volumes from the Titlestone Property Finance acquisition against a comparator which only reflected Paragon’s existing business.
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The £79.3m of new business written during the quarter was in line with the £320.8m of new advances achieved by the combined Paragon and Titlestone teams in the year to September 2018.
Nigel Terrington, chief executive at Paragon Banking Group PLC (pictured above), said that the group had started the year well, delivering strong lending growth across all of its core business areas.
“Our retail deposit base continues to grow, creating further efficiencies in our funding structure.
“We remain confident in the outlook, but will maintain our capital, liquidity and broader risk disciplines in case the external operating environment should deteriorate."
In September, Paragon enhanced its development finance product range.