Paragon has snapped up the remaining shares in the specialist buy-to-let broker The Business Mortgage Company (TBMC).
In its Interim Management Statement, the firm confirmed it had acquired the remaining 67% of the "strategically important" mortgage broker.
In January 2007, the lender supported the purchase of TBMC by its management, providing facilities of £15.75m and receiving 33% of the equity in the business.
Having suffered during the downturn, TBMC is now likely to report a loss for the year, so Paragon has agreed to temporarily suspend interest payments on its loan in exchange for the remaining equity.Mortgage Solutions
Despite improved risk appetite
FOS award limit increase
Relates to 136 million transaction reports
Ceremony will take place 13 November