1pm has negotiated increased block discounting facilities totalling £62m with six of its existing funders.
£14.5m of these facilities are increases to existing arrangements, and £49.5m was additional funding, said 1pm.
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The hybrid funder said when combined with its £35m facility from the BBB it had a total of £97m new and renegotiated facilities.
At the end of February, 1pm announced access to international retail investors through the Mintos marketplace funding to augment its funding mix.
1pm said the additional funding will be used exclusively for the purpose of writing new business in the financing of asset and loan lending to UK SMEs.
James Roberts, chief financial officer, said: “I am delighted that on the back of the recent announcements of our links with both the BBB and Mintos, we are able to announce that the Group has further strengthened its relationships with six key block-discounting funding partners.
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By GlobalData“Our partners’ desire to work with us has seen us move from numerous standalone smaller facilities tied to individual subsidiary entities to larger, more flexible, group-wide facilities. This enables us to move further towards consolidating an overall corporate treasury function and to benefit from the associated economies of scale as we continually look to reduce our cost of funding and increase our Net Interest Margin.
“The new facilities are also reflective of the Group’s growing reputation within the industry as an ambitious and high-quality business. Taken as a whole our recent funding developments position us appropriately to meet the continuing demand for finance from UK SMEs and will underpin our strategy for growth in the Group’s asset finance and loan finance divisions.”
