Paragon hopes to resume lending soon
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Buy-to-let lender Paragon is hoping to resume lending soon.
Speaking as the company posted pre-tax profits of £54.3m yesterday chief executive Nigel Terrington said there were signs of improvements in the wholesale funding markets.
He said: “In a year which has seen a deep UK recession and continuing turmoil in credit and banking markets, the Group has fared well, significantly strengthening its position at a time when many of its competitors have failed.
“The group enters the new financial year well capitalised, with the loan portfolio match funded to maturity, no debt maturing until 2017 and a strong cash position.”
Terrington added: “We will continue to manage the book carefully to protect embedded value for shareholders, and to look for new business opportunities to supplement growth as we have during 2009.
“Whilst these are early days, recent improvements in funding markets will encourage us to look more confidently to reinstating the funding programme to support new lending going forward.”
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