Oct 3 (Reuters) - British lender Paragon Group of Companies Plc said it would buy asset finance brokerage Premier Asset Finance Ltd.
** The initial cash consideration for the deal, which has received regulatory approval, is 8.5 million pounds ($10.99 million), Paragon said.
** The company said it would pay a further 12 million pounds over the next five years, subject to performance conditions.
** Paragon said it would pay for the deal using existing cash resources.
** Edinburgh-headquartered Premier sources more than 100 million pounds of lending every year to small and medium sized businesses, Paragon said. ($1 = 0.7731 pounds) (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Sunil Nair)