Positive Lending has announced the completion of a £300,000 secured loan with Paragon Personal Finance.
This represents the lender’s largest secured loan to date.
The packager arranged the loan for a professional High Net Worth client to provide funds to purchase a buy-to-let property. The client, a repeat customer with Positive, did not wish to refinance his first charge mortgage with its low interest rate and Early Repayment Charges.
Positive quickly assessed the client’s requirements and presented available solutions. The best outcome was the Paragon secured loan which offered the lowest interest rate and no lender fee.
Alex Hamilton, head of secured loans at Positive, said: “At Positive we are always pleased to support a returning intermediary and their client. In this case the customer required a £300,000 loan to purchase an additional rental property to add to his portfolio. Having reviewed all available funding options, we quickly sourced the Paragon secured loan product as the best outcome for the client’s needs.
“I have worked with Nick at Paragon for 10 years and find him to be one of the best BDMs in the industry; he is always available to answer his phone – even on his holidays – and is extremely helpful. Given the nature of this loan, Nick worked closely with the Paragon underwriters to ensure we were able to provide the best support for the client.
“At the time I was not aware this was going to be Paragon’s largest secured loan but, on behalf of the Positive Team, we are very pleased to have broken the loan size record.
“The demand for secured loans has been exceptionally strong this year and we work closely with specialist lenders such as Paragon to ensure we have a market-leading range of loans to offer our intermediary customers.”
Nick Aylward, broker relationship manager at Paragon Personal Finance, added: “I have known Paul McGonigle and the gang at Positive Lending for many years and I’m so pleased that we have today completed our largest ever secured loan of £300,000 with them.
“I’d like to thank Alex Hamilton at Positive, who proposed the deal, and all of our hard working underwriters in the office who worked on the deal.”
