It is the first time the lender has lent any money since February 2008 and John Heron, managing director, said he was pleased with the level of interest the relaunch had received.
“We completed our first mortgage shortly after launch, which was very pleasing,” he told Mortgage Introducer. “We are confident that there are healthy levels of demand from professional landlords for our products and we will look to build our business levels in a careful and risk-averse manner.”
Paragon’s return to the buy-to-let market was welcomed by the wider mortgage industry last week after the lender said it had secured a £200 million revolving warehouse facility and would be lending again for the first time since February 2008.
Buy-to-let broker David Whittaker, managing director of Mortgages for Business, Paragon’s return to the fray was more about boosting landlord confidence in the market’s prospects than about the volume of lending Paragon was likely to do.
“Their products are definitely aimed at the professional end of the market,” said Whittaker. “But the addition of any lender in this market is a good thing and I think Paragon’s active presence in the market is reassuring.”
