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Paragon acquires further unsecured loans from RBS
08-10-2012 13:23
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Paragon, the FTSE-250 buy-to-let mortgage specialist, has acquired further unsecured consumer loans through its Idem Capital Securities subsidiary from the Royal Bank of Scotland under the terms of a forward flow agreement.
Paragon is financing the purchase from its existing cash reserves and which represents the value at which the acquired loans will be taken on to its balances sheet, namely £25,000.
The investment is expected to be earnings enhancing in the current financial year.
The firm previous acquired a portflio of loans from RBS for £43.2m, along with other smaller purchases. The group said further loans may be taken on.
Paragon's share price fell 0.33% to 214.20p by 14:06.
NR
Paragon is financing the purchase from its existing cash reserves and which represents the value at which the acquired loans will be taken on to its balances sheet, namely £25,000.
The investment is expected to be earnings enhancing in the current financial year.
The firm previous acquired a portflio of loans from RBS for £43.2m, along with other smaller purchases. The group said further loans may be taken on.
Paragon's share price fell 0.33% to 214.20p by 14:06.
NR
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