Paragon make pre-tax profit of £71.8m

Landlord Expert
By Landlord Expert November 24, 2010 12:05
Paragon made a pre-tax profit of £71.8m in its last financial year, up from £54.3m in 2009.

The group today announced its preliminary results for the year ending September 30, 2010. The results highlight the  progress made by the Group, which this autumn  returned to lending in the buy-to-let market.

 
John Heron, Paragon Mortgages managing director, said: “We have been very encouraged by the initial phase of our return to new lending and have had a great response from both landlord investors and mortgage intermediaries. This underlines the strength of Paragon’s reputation in the buy-to-let market and also the shortage of funding in the sector, particularly for landlords with more complex needs.
 
“We have managed the roll-out of our distribution network prudently, carefully and successfully to ensure that we could effectively manage business flows and maintain our customer service levels. We are confident that we have comprehensive intermediary coverage and we are working with the larger commercial finance specialist intermediaries, national mortgage advice firms and major regional intermediaries. We also have agreements in place or under development with the majority of major networks.”
 
Commenting on landlord investor demand, Heron added: “Application flows have been very encouraging and reflect the diversity of propositions in the professional landlord market. Together with applications for regular self-contained properties, landlords also clearly value our criteria for Houses in Multiple Occupation and multi-unit blocks. There is a shortage of lenders with expertise in these more complex buy-to-let cases, but our experience in this area means we can consider a much wider range of properties and look at cases on their individual merits.”
Landlord Expert
By Landlord Expert November 24, 2010 12:05

Membership Login

Register| Forgot Password?

BEST LANDLORD OFFERS

Recent Member Comments

  • User AvatarFiona Bullock { Dear Sir, I have received a text and email from my tenants saying they wish to end their tenancy of 3 years with effect from... } – Jul 05, 12:55 PM
  • User Avatarchristine clare timmins { Hi Rahima - Did you manage to resolve your problem? I am new to this site and saw your dilemma - we are about to... } – Jun 28, 9:12 PM
  • User AvatarShani Zvi { Hey, I need an advise regarding the TDS registration. The agency I'm working with claims that they need to register the tenant Zero Deposit scheme... } – Jun 04, 11:43 AM
  • Amanda Harrison { Advise needed }
  • Amanda Harrison { Advise needed }
  • Older »

News Archive