Paragon is likely to find its ability to write new business severely restricted after the UK mortgage lender was forced to use an emergency underwriting facility to repay a loan. At least one analyst now believes the company will be forced to stop writing new business at the end of next month.
Paragon said this morning it was drawing an £287m (â¬383m) underwriting agreement provided by UBS to replace an existing credit facility after it was unable to refinance the loan in the debt market.
