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Paragon Group has good Q4 2011 with £38.6m of loans

The Paragon Group of Companies, parent of Paragon Mortgages, lent £38.6m in buy-to-let loans in Q4 2011, an interim management statement revealed last week.

It advanced £37.4m in new buy-to-let mortgages plus £1.2m in further advances to existing borrowers during the three-month period. On December 31 2011, its pipeline of new business amounted to £95.1m.

By way of comparison, the lender advanced £8.8m worth of buy-to-let loans between September 2010, when it returned to new lending, and December 2010. At the end of December 2010, Paragon’s pipeline of new business stood at 75m.

The statement also reveals the group generated operating profits of £20.3m in Q4 2011, up 12% on the £18.1m for the same period in 2010.

Its pre-tax profit for Q4 2011 was £20.8m, 11% higher than the £18.7m profit it made in Q4 2010.

The statement says the group’s loan portfolio continues to perform in line with expectations, with arrears over three months on its buy-to-let book standing at 0.64% at December 31 2011, compared with 0.83% a year before.

It adds that the securitisation launched by the group in October 2011, its first since 2007, was a significant step forward in the group’s funding programme.

It says the deal was upsized from a launch forecast of £150m to £163.8m, confirming investors’ appreciation of the strong credit profile of the assets.


Healthcare regulation amalgamation predicted for Gulf states

While Dubai is leading the way in terms of legislating for expat healthcare in the Gulf, Qatar, Abu Dhabi and others are watching and learning – that’s according to Jelf International’s director of international services, Doug Rice. He believes the pace of change in the Gulf states will continue and that some level of unified healthcare system will be introduced across the region.


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