Reach your savings goals with our simple, straightforward savings accounts and cash ISAs.
See all of our reviews
Have your cake, and eat it too, with our award winning Cash ISAs
Discover our range of specialist buy-to-let and residential mortgages, available through intermediaries.
If you're a landlord, you can only apply for our mortgages through an Independent Financial Adviser. Click below to find an advisor.
Don’t forget, our discounted buy-to-let products benefit from our Track to Fix feature!
Find the right finance to get you moving with our tailored business and personal loans.
Developed in response to your feedback about the need for speed, simplicity and accuracy of lending applications, you can now log in and apply in minutes.
Find all the latest press releases from Paragon Bank.
Paragon’s Commercial Lending division has doubled new lending in the past year with every product line showing strong levels of growth.
Asset finance and development finance led growth within the division, the Q1 trading update to 31 December 2018 reveals today.
Acquisitions of property finance company Titlestone and legal finance firm Iceberg have also delivered on growth potential for the award-winning specialist lender, which serves SMEs in the UK.
Paragon Banking Group reported a 41% increase across all business lines to deliver £661 million of new lending in the first quarter of 2019. Commercial Lending reported the highest levels of growth across the Group, to achieve a 105% increase in lending to £212 million, compared to £103 million in the same quarter last year.
That was helped by a 56% increase in lending by asset finance to £93 million, compared to £60 million in the same period last year. That volume includes £19 million from Iceberg, which joined Paragon in December 2017. Like-for-like asset finance growth was 27%.
Development finance reported a 451% year-on-year increase in lending with £79 million of new business written in the quarter. That is in line with the £321 million of new advances achieved by the combined Paragon and Titlestone teams in the year to September 2018.
Elsewhere in the division, motor finance increased lending by 25% to £36 million and structured lending brought in over £3 million of business in the quarter.
Richard Doe, Managing Director for Commercial Lending at Paragon, said:
These results show further progress and strong growth for the Commercial Lending division and our recent acquisitions of Titlestone and Iceberg are only helping to grow our business to new levels across asset finance and development finance. As a specialist lender, Paragon is working hard to improve access to funding for British companies and SMEs and our increased levels of lending reflect this.
The trading update also reported that mortgage lending grew by 22% to £449 million, with buy-to-let advances up 24% to £425 million. Paragon’s deposit raising continues to form the foundation of its funding programme, with savings balances exceeding £5.6 billion at the quarter end.
28 January 2019
Head officeParagon51 Homer RoadSolihullWest MidlandsB91 3QJ
Paragon Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England number 05390593. Registered office 51 Homer Road, Solihull, West Midlands B91 3QJ. Paragon Bank PLC is registered on the Financial Services Register under the firm reference number 604551