We are pleased to announce that we have increased our credit facilities with our current funding syndicate. Our main funders, Citibank, have agreed to increase our existing facility by a further £75M to £225M. This increase reaffirms Citibank’s support for 1SG in the near prime specialist finance sector.
We have also agreed an increase to the mezzanine, which extends the facility by £5M to £25M. 1SG, a portfolio company of Pollen Street Capital, the independent alternative asset investment management company, now has total debt facilities of £270M.
The extended facilities will be used to fund our consumer lending product range which includes car finance loans, secured second charge mortgages and unsecured personal loans. It will enable us to continue our exciting growth trajectory, having seen its loan book recently pass £225M.
Alex Mollart, Founder and Chief Executive of 1st Stop Group, said:
“We are delighted to have extended our funding facility. This significant increase demonstrates the confidence of our funding partners in our business. I remain excited by the potential of 1st Stop Group and look forward to the continued growth of the business.”