Monday, January 28, 2008
The UK’s 3rd biggest Buy to Let lender staving off the inevitable
Paragon has confirmed that its shareholders have voted unanimously in favour of its proposed rights issue at its Extraordinary General Meeting today. The buy-to-let specialist lender had announced to the stock market in November that it would have to do an emergency rights issue as a result of funding problems caused by the credit crunch. It has since revealed that it will not be accepting any new lending from February 28 as its warehouse loan facility is not being renewed.