Paragon Mortgages has denied rumours it will offload its core business portfolio.
The lender says weekend reports suggesting it is looking to sell its car loans portfolio to attempt to avert an emergency rights issue are “merely speculation”. A spokesperson for the beleaguered lender says the car loan portfolio is part of Paragon’s secured core business, which it is not seeking to offload. However, the company did confirm approximately £60m of unsecured lending will “continue to be disposed of”. Last week, the specialist buy-to-let lender declared it is willing to launch an emergency underwritten rights issue on the back of continued credit crunch concerns. Through a...
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