The Paragon Group of Companies PLC, Paragon Mortgages' parent company, has reported a healthy performance for the six months to 31st March, with profits up 13.4% to £44.8m.
The specialist buy-to-let lender advanced £87.2m worth of new buy-to-let loans in that period, while its existing buy-to-let loan book enjoyed continued low arrears.
John Heron, managing director of Paragon Mortgages, said:
"The Group delivered a further period of growth during the first half of the year, with an increase in profits.
"We have seen a sustained level of buy-to-let mortgage business during the year and we also successfully completed our first securitisation since 2007 which was also the first deal consisting solely of buy-to-let loans by any lender in the UK since the credit crunch.
"The first half of the year was successful in terms of the level of applications received for buy-to-let loans, from both new and existing customers, following the introduction of 50 new products launched in January.
"Our strategy for the rest of the year is to build upon the success of the first six months, generating further buy-to-let business and keeping our low level of arrears across all of our loan portfolios."