A Manchester-based car finance provider has announced the successful completion of the company’s first private securitisation, with a facility of up to £305m.
247 Money said the facility will help support a "strong pipeline" of auto finance originations allowing more consumers to access finance.
The firm said the arrangement will provide 247 Money with total available commitments over the life of the securitisation - of up to £305m with senior funding from NatWest and mezzanine funding from East Lodge Capital.
CEO of 247 Group, Reg Rix, welcomed the deal. He said: “As a group we continue to go from strength to strength serving customers efficiently through increasingly digital channels, our data-driven ecosystem, and the wider marketplace to provide first class car financing solutions.
"We are committed to driving innovation within the industry precipitating from our consumer-centric, digital first approach, and this securitisation propels 247 Money into a new league; availing us in the delivery of more options to more consumers.
"This has been a great effort by the team and our continued thanks goes to NatWest for their support over the years.”
Launched in 2018, 247 Money is a non-bank lender specialising in hire purchase contracts for used vehicles across the UK.
It is a part of the 247 Group, which includes marketplace CarFinance 247.
CFO of 247 Group, David Miller, said: “Consumer demand for finance has been strong as the UK emerges from the pandemic and this securitisation is a significant step-change for the business.
"As a group we have a long-standing relationship with NatWest and we also welcome the funding support of East Lodge Capital, the dedicated resources of EY’s Corporate Finance Team, and Ashurst LLP’s support as legal counsel.”
