Paragon Banking (PAG) has confirmed media speculation that it is in the early stages of a possible acquisition of commercial and residential development finance company Titlestone. The deal would help the challenger bank's efforts to reduce its reliance on buy-to-let lending.
IC TIP:
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Titlestone was established in 2012, backed by US asset management group Oaktree Capital. It typically lends between £1.5m and £25m per development project, or a maximum of 70 per cent of the gross development value.
