Paragon has appointed a head of credit management for its asset finance business.
Experienced senior credit professional Anup Sangha will oversee credit decisions at the lender.
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The former head of credit for Aldermore’s asset finance division has 23 years experience in funding assets from across the financial services industry having worked at mainstream corporate and commercial banks, challenger banks and captive finance companies; these include the Royal Bank of Scotland, Lloyds Bank, Caterpillar Financial Services and MAN Financial Services.
Anup Sangha, head of credit management for asset finance at Paragon, said: “I have experience in financing a whole range of assets from ships to lorries so I’m looking forward to delivering consistent and timely credit decisions at Paragon, particularly as we are a specialist SME lender.
“In these times of uncertainty, contributing to the growth of small businesses in the UK and ensuring that SMEs have access to finance is important. We understand that some customers have more challenging ‘story credits’ and we don’t want them to be overlooked, so we are open to supporting them as well as the broader SME community”.
Asset and invoice finance at Paragon provides specialist funding through brokers or direct to companies which equips small and independent firms in industries including construction, commercial transportation, aviation, business finance and technology.
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By GlobalDataIn May, Paragon Banking Group’s asset finance lending into small and medium-sized UK businesses in H1 2018 was up 54% to £164m compared with the same period in 2017.
Existing operations, combined with Paragon’s new aviation finance proposition, grew lending by 14% to £121m.
In December 2017 Paragon acquired Iceberg, a specialist broker and lender in the professional services sector, and it added £42m of new lending. Iceberg focuses principally on short-term unsecured business funding for solicitors and, through solicitors, in lending to parties in inheritance and matrimonial proceedings.
