Specialist consumer lender, 1st Stop Group Limited (1SG) has announced that it has increased its credit facilities with its current funding syndicate. 1SG’s main funders, Citibank, have agreed to increase its existing facility by a further £75 million to £225 million. This increase reaffirms Citibank’s support for 1SG in the near prime specialist finance sector.
1SG has also agreed to an increase to the mezzanine, which extends the facility by £5million to £25 million. 1SG, a portfolio company of Pollen Street Capital, the independent alternative asset investment management company, now has total debt facilities of £270 million.
The extended facilities will be used to fund 1SG’s consumer lending product range which includes car finance loans, secured second charge mortgages and unsecured personal loans. It will enable 1SG to continue its exciting growth trajectory, having seen its loan book recently pass £225 million.
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.”