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
Temenos partners with ClearBank for cloud payments
Banking software company Temenos has formed a strategic relationship with ClearBank to provide banks with a faster route to market for real-time cloud payments...
Unity Trust Bank registers 34% rise in profits
Unity Trust Bank increased profits by 34% in 2019...
Believe the hype – why explainable AI is a trend that’s here to stay
Technology has become a ubiquitous part of our day-to-day lives...
Piloting tech updates: ‘The bigger the bank, the harder it is to get anything done’
In the latest Medianett filmed roundtable session, we discussed how important technology is in the banking space, and what impact the industry expects it to have on its businesses in the future...
What banks need to know about cloud security
One of the most common perceived concerns when adopting the cloud is the issue of security...
OakNorth sees 95% increase in pre-tax profits
OakNorth Bank has announced a 95% rise in pre-tax profits in 2019 to £65.9m, up from the £33.9m recorded in 2018...
Redwood Bank signs up to Women in Finance Charter
Redwood Bank has announced that it has signed up to the Women in Finance (WIF) Charter...
Masthaven launches digital Women in Leadership programme
Masthaven Bank has launched a new Women in Leadership digital development programme for female senior leaders...
Protecting against supply chain disruption and the domino effect
Disappointingly, many UK SME business owners don’t understand their supply chains...
Confused about which Isa to choose? Hopefully this mini-guide will help…
We are now firmly in Isa season, so you’re likely to read multiple articles about the most competitive Isa products in the market and how best to make the most of your Isa allowance before the end of the tax year...
Garden shed entrepreneurs contribute £16.6bn to the UK economy
Entrepreneurs who run their businesses from garden sheds contribute £16.6bn annually to the UK economy, according to a recent study...