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The buy to let market springs to life

Paragon, one of the major buy to let mortgage providers in the UK, has confirmed the signing of a £200 million funding arrangement with Macquarie Bank which will see the company become more prominent in the buy to let mortgage market again. Despite the fact that Paragon has always had a long-term outlook on debt and mortgage funding it was forced to effectively going to "hibernation" during the UK economic downturn when the property market and in particular the buy to let market suffered from a lack of interest and a lack of funding. So what does this mean for the UK buy to let market?

The very fact that the company has been able to arrange a £200 million loan arrangement on a long-term basis is good news for the company and good news for property investors. Unlike so many other competitors who have fallen by the wayside, Paragon is now beginning to benefit from an ultra-cautious approach which should see the company announce full-year profits in the region of £65 million.

The funding arrangement will see a new company created by Paragon with the idea that in four years time the mortgages approved will be securitised and sold off to investors with funds raised used to repay the mortgage arrangement or finance future lending.

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