Neal Moy joined Paragon Development Finance as Deputy Managing Director in October 2021. On 1 October 2022 he will step into the Managing Director role in place of Robert Orr, who will remain with the business as an advisor.

We sat down with Neal to discuss his plans for the business, how this transition has been planned and current market trends.

What are your thoughts about taking over from Robert?

I’m very pleased and very proud. Robert always had a long-term plan to step aside and that is why I was brought in last year in the Deputy Managing Director role. That has ensured that there will be a smooth transition and it has enabled me to bed in, learn how the business operates, get closer to our people and our clients. I’m excited about the future because this is a truly fantastic business. 

What are your plans for the business?

It will be evolution rather than revolution. Paragon Development Finance has been built on very strong foundations; we have a great team, a great client base, excellent loan book and a brilliant reputation for delivery. Our strategic goals are clear and we won’t divert away from them.

That said, we will, of course, always look to innovate and enhance our product and service offering, so hopefully we will be able to discuss some of the initiatives in the pipeline in more detail over the coming months.

What will Robert’s role in the business be?

He will be here in an advisory capacity and will work with us a couple of days a month. We would be foolish to lose Robert’s 40 plus years of experience in this sector overnight and his input will be valued as we continue to grow. He is also keen to support the company as he has invested so much effort into its success.

What do you see as Paragon Development Finance’s key strengths?

There are too many to list, but our people are our main strength. Without them we cannot provide the premium service that we always strive to offer our developer clients. A key strategic decision made by Paragon was to recruit experienced, driven Relationship Directors and make sure they are supported with ambitious Portfolio Managers.

Our consistency is also important to our clients. We are committed to this market throughout the cycle and they value that in a funding partner. We have seen too many lenders come in promising the world and then leaving when things get a bit tough.

Being part of Paragon Banking Group is also a key strength. Being backed by a well-capitalised, profitable FTSE 250 specialist financial services company gives us the confidence to continue supporting the sector.  

What are the current trends you’re seeing in the market?

Market conditions are tough for SME property developers and housebuilders, but clients are managing their way through projects and bringing new propositions to the table. We feel the current difficulties around inflation and supply chain are the key issue, alongside buying new sites at the right price and the ongoing issues of the often lengthy planning process.

However, the underlying demand for new build housing and continued under supply of new stock appears to be a long-term trend that should underpin the sector for many years to come.

Finally, can you tell us a bit more about you?

Before joining Paragon, I set up the RateSetter Residential Development Finance business and ran that for seven years before it was acquired by Shawbrook Bank in early 2021. Prior to that I was a Managing Director in the Global Banking Markets Real Estate team at RBS, but have also held real estate positions at Lloyds Bank and Deutsche Postbank to name a couple over a 30+ year property career.

Outside of work I like to spend time playing golf and cycling, plus watching all types of sports in between family commitments.