Commercial News

Paragon expands development finance offering

Rozi Jones -
|
24th September 2018
development commercial house
"We will be accelerating and broadening our proposition in this competitive market using the combined expertise of teams from Paragon and Titlestone."

Paragon has expanded its property finance portfolio following the £48 million acquisition of Titlestone Property Finance.

Development finance teams from Paragon and Titlestone are now working together as one enlarged business under the Paragon name.

Robert Orr, who was managing director of Titlestone, will lead the team with an enhanced and broader product range.

Paragon can offer rates on residential development finance up to 70% GDV, pre-planning support and development funding for student accommodation, supporting developers through the whole process from acquisition to obtaining planning, developing and then a marketing facility.

Titlestone, which provides residential property finance in South England, joined Paragon in July. Created in 2012 by US funder Oaktree Capital, it had committed over £2.3 billion across more than 350 developments.

Richard Doe, managing director of commercial lending at Paragon, said: “The UK development finance market represents an excellent long-term opportunity so this is an attractive move for our property finance business.

“We will be accelerating and broadening our proposition in this competitive market using the combined expertise of teams from Paragon and Titlestone.”

Robert Orr, managing director od development finance at Paragon, added: “Bringing these two experienced teams under the Paragon name allows us to grow the development finance portfolio across England and Wales in an exciting way.

“I am ambitious for what we can achieve with this combined team, leveraging the strengths of Paragon Banking Group. My aim is to make Paragon’s Development Finance one of the leading providers of funding in this large and competitive market, and a name renowned for being professional in all its dealing with a suite of products that developers and intermediaries really like.”

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