In total, approximately 13,000 new homes have been built by its customers.
The bank’s development finance division witnessed particularly strong demand over the past 12 months, having recently reported a 16% increase in lending for the first half of its financial year compared to last year.
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- Paragon grows development lending volumes by 16%
During the six months to 31st March 2021, Paragon made several changes to its development finance range, including the addition of a 70% GDV product and the introduction of a new offering for loans between £400,000 and £1m, targeted at new-build residential developments.
Robert Orr, managing director at Paragon Development Finance (pictured above), said: “The £1.5bn lending milestone is a significant landmark and I’m proud of the team in helping us achieve that figure.
“That lending has translated into thousands of new homes across the country, supporting first-time buyers and home movers, as well as students.
“I’d like to thank our customers, past and present, for their support.
“I’m pleased with how the Paragon Development Finance team has developed over the last three years, with two-thirds of the team joining since the acquisition.
“Paragon acquired a highly experienced team and we have been able to strengthen that by recruiting top quality individuals from a range of competitor organisations, which demonstrates the attractiveness of our business."