Shawbrook Bank has supported a £15m credit facility with a syndicate of lenders for Lantern Debt Recovery Services Ltd.
Lantern — which is backed by Copper Street Capital — is a growing brand in the speciality finance market and focuses on purchasing and managing portfolios of unsecured consumer loans.
The new senior revolving credit facility is supported by a further £15m accordion and will provide Lantern with the capacity to acquire further loan portfolios.
The debt purchase firm has now acquired and managed over 250 portfolios with a combined value of around £1.3bn.
Alex Scott, analyst at Shawbrook Bank, said: “We have seen what Denise [Crossley] and her team have achieved at Lantern and were delighted when EY made the formal introduction.
“At Shawbrook, we have a lot of experience of structuring facilities for a range of non-bank specialist finance businesses, and putting together a bespoke facility for Lantern now gives them the flexibility and certainty they need to operate and grow sustainably.”
Denise Crossley, CEO at Lantern, added: “I’m very proud of the growth of our business over the last 10 years and the reputation we’re building for industry-leading standards of care.
“As a highly specialist business, it’s good to work with other specialists, like Shawbrook, who share our passion for and commitment to doing things the right way.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Gravity selects Finastra to power banking and lending services
Gravity has selected Finastra’s Fusion Essence in the cloud solution for its end-to-end core banking capabilities...
An interview with Paul Stockwell: Islamic finance has ‘enormous opportunity’ for growth over coming years
In an interview with Specialist Banking, Paul Stockwell, chief commercial officer at Gatehouse Bank (pictured above), discusses increasing awareness of Islamic finance and opportunities in the banking world...
Revolut for Business launches expense management tool
Revolut for Business has launched a new expense management tool designed to simplify the handling of expenses for growing businesses...
Leek United strengthens intermediary team
Leek United Building Society has strengthened its intermediary team with five new appointments...
BCR awards £10m to Atom bank
Atom bank has received a £10m grant as part of the Capability and Innovation Fund Pool C grants announced by the board of Banking Competition Remedies (BCR)...
Bank of Ireland UK updates broker portal
Bank of Ireland UK has revealed that it has relaunched its broker portal...
Unity Trust Bank increases lending by 47%
Unity Trust Bank has reported an underlying pre-tax profit of £4m in H1 2019, an increase of £1.2m compared with H1 2018...
Taxing times for SMEs
Small business owners are the most creative and resilient individuals I know...
Metro Bank to open first store in the Black Country
Metro Bank is set to open two stores on 20th and 21st September in Solihull and Merry Hill...
TMA Club adds Harpenden Building Society to lender panel
TMA Club has added Harpenden Building Society to its lender panel, giving its members access to the building society’s range of mortgage products...
N26 appoints chief banking officer
N26 has appointed Thomas Grosse (pictured above) as its new chief banking officer...