Paragon Reports on Strong start to the Year
30th May 2012
Leading Buy to Let Mortgage provider Paragon have announced its results for the first half of the year. The results reported on a strong start to the year with profits increasing by 13.4% to £44.8m up to 31st March.
Highlights from the results include:
Profits before tax increased by 13.4% to £44.8m (2011 H1: £39.5m)
£87.2m of new buy-to-let loans advanced
Quality business generated, continuing low arrears
John Heron, Managing Director of Paragon Mortgages, said: "The Group delivered a further period of growth during the first half of the year, with an increase in profits."
"We have seen a sustained level of buy-to-let mortgage business during the year and we also successfully completed our first securitisation since 2007 which was also the first deal consisting solely of buy-to-let loans by any lender in the UK since the credit crunch.
The first half of the year was successful in terms of the level of applications received for buy-to-let loans, from both new and existing customers, following the introduction of 50 new products launched in January.
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