Paragon Bank’s development finance business has announced changes to its leadership team, taking effect from 1 October 2022.
Managing director Robert Orr will step down from his current role, succeeded by deputy managing director Neal Moy (pictured), who joined the business in October 2021.
Orr will remain with the business in a part-time role as senior adviser to the development finance team.
Orr said: “I’m reaching the milestone of 40 years full time working this September and always had in mind that this would be a good time to have a change in my work/life balance. I’m really proud of what we have created at Paragon since its acquisition of Titlestone four years ago and no doubt I’ll miss the buzz of leading this great business.
“But I’m delighted to still be involved with Paragon going forward in an advisory capacity and, having worked closely with Neal over the last nine months, I know that development finance is in good hands under his leadership.”
Under Orr’s stewardship, Paragon development finance has expanded significantly since the Titlestone business was acquired by Paragon Banking Group in July 2018.
The relationship director team has grown by over 200%, whilst the development finance division recorded a 41% increase in advances during the first half of Paragon’s latest financial year. The division lent £323.7 million during the six months to the end of March, compared to £229.5 million during the same period in 2021.
The division’s loan book ended the period at £672.9 million, compared to £552.3 million the year before.
Moy has a long career in development finance. He was the founder and managing director of the RateSetter development finance business before it was acquired by Shawbrook Bank in 2021. He has also held real estate positions at RBS, Lloyds and Deutsche Postbank in a 30-year property career.
Moy added: “Robert has done an amazing job in growing the development finance capabilities of Paragon over the last four years. During this time, he has built a strong team, enhanced the product range, and established a business with an excellent reputation for delivery. I’m excited to be taking over from him and leading the business forwards.”
Dave Newcombe, managing director of Paragon Bank’s commercial banking divisions, said: “Robert’s passion for delivering a first-class service to our clients is engrained within the strong team he has developed, and he hands over a business that has delivered year-on-year lending growth since Paragon’s acquisition of Titlestone.
“Whilst Robert is stepping down from running the business on a day-to-day basis, I am delighted that he has agreed to continue to support the development finance business as a senior adviser. I am also delighted that Neal Moy, who has a wealth of experience in the development sector, is moving up to be our new managing director.”
