£30m funding partnership secured by property finance firm
Signature Property Finance has entered into a funding partnership with finance provider Paragon Banking Group.
Thomas Howells, chief operating officer at Signature Property Finance, said: “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 struck a chord with property professionals and is key to our long-term success.”