Paragon’s recent launch into the second charge market comes five years after leaving the sector.
Steve Walker managing director at Promise, said: “We have a history with the Paragon team which goes back over 20 years.
“Whilst its secured loan proposition has been moth balled for the last few years, the loan team has been deployed elsewhere within Paragon and this re-launch brings them back together with John Webb still taking the lead.
“I almost expect to hear the theme tune to “The return of the magnificent seven” when we meet them.”
Paragon’s product range caters for borrowers looking to borrow between £10,000 and £100,000 between 60% and 85% LTV.
Walker added: “The Paragon team really know secured loans and I expect to see a considered approach whilst the processes and people settle back in, followed by a more aggressive push to win market share.
“With rates starting at 5.4% Paragon is firmly aiming at the prime sector and has made its intentions clear to become a major contender.
“The industry has been anticipating Paragon’s return for years, I am delighted to see it back and wish the team well.”
