Paragon signs warehouse facility

Paragon Mortgages has signed a £200m warehouse facility with the wholesale division of Lloyds Banking Group.

The facility is the second to be secured by the lender and will be used alongside the existing £200m warehouse facility provided by Macquarie Bank.

Paragon Mortgages managing director John Heron says: ““I am delighted that we are able to announce this further warehouse facility. We have seen a healthy level of high-quality mortgage applications over the past year and as confidence grows within the market I believe this will only increase as we move into 2013.

“Landlords are looking to invest further in their portfolios, with 16 per cent expecting to purchase buy-to-let property in Q4 alone. With the wider housing market continuing to struggle in the current climate, the buy-to-let market is gaining momentum.

“The addition of a second warehouse facility is positive news for Paragon Mortgages and for existing and prospective customers too.”