Paragon Bank is a business finance provider specialising in asset and invoice finance, property development lending, and secured finance for large amounts. Based in Solihull, Paragon has been lending to businesses and personal customers since 1985. Paragon is part of the FTSE 250 and has serviced over 1.5 million customer accounts. This is an established business finance provider with a long history of working with landlords, property developers, and businesses.
Paragon Bank Finance Loans & Funding
Asset Finance
Finance is available to pay for business equipment, vehicles, machinery, technology, and more. A variety of terms and contracts are available, including hire purchase, finance leases, and operating leases. Businesses can also choose flexible repayment terms, seasonal contracts, and defer VAT payments.
Invoice Finance
Your business will receive an advance up to 95% of the invoice value. Both factoring and discounting are available, giving you the option to take care of debt collection yourself or confidentially pass it over to Paragon. Fees are outlined before you sign up.
Development Finance
A variety of finance products are available for property development projects of all sizes. Lending is fully tailored so will vary from project to project.
Structured Finance
Secured revolving credit facilities are available from £5 million to £25 million, usually for up to 3 years.
Paragon Bank Reviews and Ratings
Online reviews are written by both personal and business customers.
Trustpilot reviews are very mixed, with almost equal numbers of 5 star and 1 star reviews, and Smart Money People reviews are also very mixed. Happy customers think they’re easy to work with and efficient. Unhappy customers have a range of gripes, including slow customer service and buy-to-let mortgage delays. Google and Feefo reviews are much more positive – most reviewers are happy with the swift service they’ve received.
There are no live reviews on Smart Money People or Reviews.co.uk.
Paragon won SME Specialist of the Year at the Leasing World Awards 2018 and Best Buy-To-Let Portfolio Mortgage Lender at the Your Mortgage Awards 2019/2020.
Trustpilot – 3.3/5 (based on 293 reviews)
Google Reviews – 4.1/5 (based on 113 reviews)
Feefo – 4.6/5 (based on 1,367 reviews)
Reviews.co.uk – no reviews
Smart Money People – 2.67/5 (based on 46 reviews)
Pros
- Range of finance products for different purposes and business types.
- Large lender with a long standing reputation.
- Feefo reviews are excellent.
Cons
- Not technically a bank (even though they sound like a bank) which could be confusing for some customers.
- Some negative reviews about time-wasting customer service, particularly relating to buy-to-let valuations.
Website: Paragon Bank Business Finance