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Paragon forms joint venture as profit falls 23%

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  • Paragon forms joint venture as profit falls 23%

    Buy-to-let lender, Paragon, has reported a 23% fall in underlying profit for the year to the end of September, to £66.9 million.The company was forced into an emergency fundraising in February of this year and then severely restricted lending as the cost of funding its business on the wholesale money markets soared.The group has since [...]

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    I recently met John Heron, MD of Paragon and he informed me of plans to start a Lettings Property Management Dept in order to retain and manage the tenancy agreement with the tenant(s) of repossessed Landlords instead of selling the property at auction to pay back the loan. Looks like a new Landlord is in town - the "Bank"