Paragon Bank’s structured lending division confirms £55m in new agreements

Paragon Bank’s structured lending division completed £55m of new finance facilities in October across two new-to-bank property-focused deals, the group has announced.

The bank’s division has completed a £30m finance agreement with Signature Property Finance to support the company’s growth plans.

Separately, it has also finalised a £25m facility with an undisclosed development finance provider.

Paragon provides senior secured funding to help UK-based, non-bank lending businesses grow their own lending activities, and its structured lending division has over £250m of committed facilities.

“We have enjoyed a strong start to our financial year with the completion of these two latest deals, supporting ambitious companies to achieve their growth objectives,” commented Paragon Structured Lending co-head, Jamie Pickering. “We’re keen to support non-bank lending businesses to expand their own lending activities.”

Cardiff-headquartered Signature provides bridging finance across the UK and the firm recently announced it had lent £56m by the end of August, surpassing its figure for the whole of 2022. It has previously announced plans to develop a loan book at £100m.

Discussing the new facility with Signature, Paragon Structured Lending co-head, Lewis Fitzsimons, said: “Signature has experienced strong growth this year and has ambitions to develop the business further. This new funding line will enable the business to support more customers in the bridging space.”

Chief operating officer at Signature, Thomas Howells, added: “The team at Paragon understands our focus on building relationships, rather than cutting rates, is driving demand, and given the recent changes in the property market, the certainty of funding we provide will become even more important.

“This agreement with Paragon is just the latest step in the journey to our £100m loan book target and will help bring us nearer to this objective. Our commitment to do what we say we are going to do, has clearly struck a chord with property professionals and is key to our long-term success.”

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