Specialist buy-to-let lender Paragon has reported an 84.3% increase in pre-tax profits to £29.3 million, fuelled by the performance of its buy-to-let loan portfolio.

Publishing its half-year results for the six months ending 31 March 2010, Paragon said its buy-to-let arrears fell to 1.17% from 1.74% at the same period last year, while buy-to-let redemption rates are at “historic”” lows.