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Paragon Bank Development Finance grows team and lending activity 

Paragon Bank continued to grow its Development Finance Team during 2020, whilst also increasing both its lending to SME housebuilders and its net loan book.

In line with Paragon Bank’s strategy to grow its Development Finance division, the Bank continued to strengthen the team during 2020 by hiring five new Relationship Directors and four new Portfolio Managers, in addition to adding to the Credit and Operations function.

The latest addition to the team is Sarah Dix, who has joined as a Relationship Director from Metro Bank. Sarah spent six years working at Metro Bank, more recently as Lead Commercial Banking Director for its Real Estate team. Prior to that she worked in a number of property origination and business development roles at Barclays. She will be based at Paragon’s Gracechurch Street office in London.

The new hires reflect the Bank’s commitment as a specialist residential development lender. The Development Finance net loan book increased by 20.2% during 2020 to £609 million, despite it being a challenging year.

Robert Orr, Paragon Bank Development Finance Managing Director, said: “We are always looking to grow our loan book in a sensible way by supporting existing and new clients. These new additions to our team over the past 12 months will help us do just that.

“I’m really pleased with the calibre of the individuals who have joined our team from a wide variety of other lenders. Paragon’s deserved reputation for consistency, customer service and balance sheet strength are all part of our ability to attract such quality people.

“We had a strong 2020 despite the challenges coronavirus presented to the housing sector. We remained active throughout the year, often supporting new clients when their existing lenders retrenched. Whilst 2021 will no doubt present fresh challenges, we are confident in the prospects for the market”.

Dave Newcombe, Paragon Bank Managing Director of Commercial Lending, said: “Developers want to work with a bank that is consistent, is financially strong and has the experience and expertise to support their business. “Our business pipeline is strong and the expansion of the team further supports our commitment to this sector.”

For further information contact:

Amy Lange
Media Relations Manager
Paragon Bank
Tel: 0121 712 2526

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