The Paragon Group has reported a 90.5% growth in buy-to-let loans for the year ending 30 September 2013. The total advanced was £359.8 million.
Profit before tax increased by 10.4% to £105.4 million.
On funding, warehouse capacity for buy-to-let lending has been increased in the year to £450 million.
The group said it was on track to recommence consumer lending, which it expects to operate through a new banking subsidiary within the Group.
Nigel Terrington (pictured), chief executive of Paragon, said: “Paragon has made significant progress in 2013 delivering record profits, whilst also laying the foundations for further sustainable growth in the future. Buy-to-let lending volumes have grown by over 90% as landlords feel increasingly optimistic about the housing market and the prospects for the private rental sector. At the same time, the Group has continued to build on its highly regarded expertise in the debt purchase market, making further significant investments through Idem Capital.
The Group’s actions to increase its warehouse facilities, its successful securitisations and the new retail bond programme all combine to provide substantial capacity to support further growth in our existing business areas. With our banking licence application making good progress and our plans for a return to consumer finance lending now well advanced, the Group is well positioned for further growth in the year ahead.”
