The new warehouse will be used to fund further growth in buy-to-let mortgage lending.
John Heron, managing director of Paragon Mortgages, said: “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% 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.”
