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Paragon To Begin Buy-To-Let Lending Again

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Specialist finance firm Paragon is to begin lending again to buy-to-let landlords.

The company, which was a frontline casualty of the credit crunch, said it had secured fresh funds and was taking advantage of 'strong' demand for rental properties and an improvement in its loan book.

The Paragon Group of Companies was a top stock market performer before the credit crunch hit in 2007, with the shares touching a high of 1,185p in 2006.

But by early 2008, the soaring cost of wholesale funding on money markets took its toll and the company closed to new business.

Today, the shares leapt to 180p on opening but by 11am they had given up most of the gains, 5p higher at 168.3p. The foundations were laid for a recovery in March when it first mooted it may be able to begin lending again. The shares began a rally from a low of 114p in early July.


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