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Paragon Group has until April to find new funding or it will be forced to limit its secured loan lending to existing customers.
In a London Stock Exchange trading update last Thursday the firm revealed that its current funding will be exhausted on April 12 and it will cease accepting new business from February 27, allowing it to manage pipeline business.
In a statement to brokers, John Webb, managing director of Paragon's secured loans division Paragon Personal Finance, says: "I know that you will be desperately disappointed by this news but please be reassured that PPF strongly believes...