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1st Stop completes £120m of funding lines
Specialist lender 1st Stop Group has announced the completion of £120m of funding facilities which will support its objective of becoming a leading consumer finance brand in the UK.
The group – which provides secured second charge mortgages – has undergone significant growth across its secured lending products ever since Pollen Street Capital invested in 1st Stop in 2016.
The growth has been driven by the lender’s detailed understanding and experience of the near-prime segments of its chosen markets.
1st Stop secured a £75m securitisation facility from Citi, alongside increased balance-sheet funding provided by existing funders.
The facilities will allow 1st Stop to increase lending and support for consumers in the UK.
“We are delighted to announce continued support from our existing funders and the introduction of Citi to our funding group,” said Mark Robins, CFO of 1st Stop.
“We envisage significant growth in our chosen markets and look forward to working closely with our funders – who have a recognised track record in our market space – to deliver on our growth aspirations."
Alongside second charge mortgages, 1st Stop also offers unsecured personal loans, home improvement loans and car finance loans to consumers in the UK.
1st Stop was advised by the financial services corporate finance team at EY.
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