Paragon Mortgages has completed its first securitisation since July 2007.

PM16 is a £163.8 million transaction, which Paragon says, hollowing high levels of investor demand, the transaction was increased from a launch forecast of approximately £150 million.

It consisted exclusively of buy-to-let assets.

Nigel Terrington , Paragon chief executive, said: “The upsizing of the deal confirms bond investors’ appreciation of the strong credit profile of our buy-to-let assets and Paragon’s pedigree as an issuer of high quality bonds.