Paragon looks to buy assets

Sarah Davidson

January 27, 2012

Operating profit from October 2011 to December jumped 12% on the year before to £20.3m and the buy-to-let lender said its existing loan book was performing in line with expectations.

During the quarter £37.4m of new buy-to-let loans were advanced and a further £1.2m was advanced by way of further advances to existing borrowers.

And at 31 December 2011 the pipeline of new business was £95.1m.

Paragon said: “The credit quality of the new lending business written in the period has remained excellent.”

Last year Paragon bought loan books from credit card firm MBNA and Royal Bank of Scotland and it confirmed it would keep its eyes peeled for good opportunities in 2012.

It added: “Portfolio acquisitions have become an increasingly important part of the group’s activities and Paragon’s track record of loan servicing, risk management and portfolio investment positions it well to exploit similar opportunities as they arise in future.”

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