The mortgage lender withdrew from the market in February 2008 but is back writing new loans after securing a ?200 million funding facility in September.
Landlords were witnessing very high levels of rental demand, Paragon said, explaining that the current depressed state of the housing market has led to would-be home buyers renting in larger numbers and for longer periods.
At the end of September, the company's buy-to-let portfolio stood at ?8.3 billion.
However, it insisted the credit performance of its mortgages over the year had been "exemplary".
"Low interest rates have increased affordability for customers, reducing the incidence of new arrears and assisting the correction of past arrears," the company added.
"The loan books continue to be carefully managed and credit performance remains in line with our expectations."
Founded in 1985, the Paragon Group is one of the UK's largest providers of mortgages and personal loans .?
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