The annual results showed that development finance lending was 6.2% higher in the year ended 30th September 2020 compared to 2019, despite the disruption caused by the coronavirus. 

The net loan book increased by 20.2% during the year to £609m.

The lender’s pipeline remains strong, with a post-offer pipeline of £171.5m and undrawn amounts on live facilities of £380.9m.

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The division is also looking to expand its team in early 2021, following several appointments made this year, including two new relationship directors.

Robert Orr, managing director for development finance at Paragon Bank (pictured above), said: “2020 has been a challenging year in many ways, but we have proved our operational resilience and our commitment to the sector. 

“We remained active throughout the pandemic, providing finance to existing and new customers, and honouring all the facilities we approved pre-lockdown, to enable them to build much needed new homes across the country.

“Being part of a financially strong and well-capitalised bank, our customers know that they can rely on Paragon to support them, and that consistency is important as we deepen relationships with our customer base.”