Signature secures additional funding line with Paragon
Following its best ever year in 2022 and a record £70M year to date, Signature Property Finance has agreed additional funding with specialist finance provider Paragon Banking Group PLC, to meet demand from its growing property developer client base.
Thomas Howells, Chief Operating Officer at Signature Property Finance, commented:
“Despite news of the difficulties currently being faced by the residential property market, we have seen little sign of any slowing in demand from our developer clients for short-term property finance.
Our impressive performance in recent months has been well-supported by our existing funders, but we are now well into our ambitious three-year growth plan and more funds are needed if our current upward trajectory is to be maintained.
Agreeing this first £15M tranche of a £30M funding agreement with Paragon Bank demonstrates funders understand our ambition and recognise the impressive performance Signature has delivered year-on-year since we implemented our new management structure.
It is clear that our ongoing commitment to support brokers and their clients with an unrivalled relationship-driven service is winning new clients and increasing demand for our growing range of short-term property finance products.
The team at Paragon understand our focus on building relationships, rather than cutting rates is driving demand and given the recent changes in the property market, the certainty of funding we provide will become even more important.
This agreement with Paragon is just the latest step in the journey to our £100M loan book target and will help bring us nearer to this objective.
Our commitment to do what we say we are going to do, has clearly struck a chord with property professionals and is key to our long-term success.”
Jamie Pickering, Paragon Structured Lending co-head, added:
“We have enjoyed a strong start to our financial year, supporting ambitious companies to achieve their growth objectives.
We’re keen to support non-bank lending businesses to expand their own lending activities and Signature has an excellent reputation, a growing customer base and an experienced management team. All of which combines to make them a good client for Paragon.
The business is a good example of the type of short-term property finance lender Paragon wants to support and this funding agreement enables Signature to continue delivering its client-centric service and for Paragon to be part of Signature’s continued success.”
“An agreement with a funder of Paragon’s calibre, not only stands testament to the success we have delivered in recent years, but to our current deal pipeline and the three-year growth strategy we have outlined.”