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Paragon reports £38.4m profit at half year
- Story by: Catherine Couch
- Magazine: MortgageAdviser
- Published Wednesday , May 21, 2008
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It is interim results for the six months ending 31 March, the specialist buy-to-let (BTL) lender grossed £987.6m in new lending, with an entire £11bn portfolio match-funded to maturity.
This is despite a rights issue standby facility being launched earlier this year, which saw the lender raise £287m in funding.
John Heron, director of mortgages for Paragon, said: "The brisk demand for rental property is reflected in the low arrears levels across the sector and prudent management of our buy-to-let book has resulted in Paragon's arrears levels remaining significantly below the industry average.
"Paragon remains on a sound financial footing – our entire £11bn portfolio is matched-funded through to maturity. Whilst the credit environment remains difficult, we await a return to market stability and increased lending activity in due course."