The big news of the week is PARA GONE as ftaphavile call it. The specialist buy to let lender has hit the buffers big time. It has a £2 billion warehouse lending facility where lenders provide funds prior to securitisation. Only it will not have it after February as the lenders are indicating they will not renew it.
This leaves securitisation. Oh dear that market has stopped.
This leaves a £280m rescue rights issue to allow the lender wind its operations down. While it is unlikely to go Norther pebble it is unlikely to be lending more.
As Queen said "Another one bites the dust."
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