Resurgent buy-to-let mortgage specialist Paragon has bought another parcel of unsecured consumer loans from the Royal Bank of Scotland (RBS).
Before tax-payers start celebrating a cash windfall for the part-nationalised lender, The Paragon Group of Companies is paying just £32,000 for the loans under the terms of a forward flow agreement it has with RBS.
A spokeswoman for Paragon told Sharecast that the deal was a tiny one that the group is obliged to report, and follows on from the acquisition last year of a portfolio of loans from The Royal Bank of Scotland for consideration of £43.2m.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"Whilst the transaction value is considered by Paragon to be modest, [the Financial Services Authority's regulation] LR10.2.10 requires the aggregation of all transactions between Paragon and The Royal Bank of Scotland PLC during the past twelve months in classifying this transaction," Paragon's announcement said.
JH
-
Christmas at Chatsworth: review of The Cavendish Hotel at BaslowMoneyWeek Travel Matthew Partridge gets into the festive spirit at The Cavendish Hotel at Baslow and the Christmas market at Chatsworth
-
Tycoon Truong My Lan on death row over world’s biggest bank fraudProperty tycoon Truong My Lan has been found guilty of a corruption scandal that dwarfs Malaysia’s 1MDB fraud and Sam Bankman-Fried’s crypto scam
