Paragon’s structured lending team has supported a guarantor loan provider with a £17.5m revolving credit facility.
UK Credit secured the funding and is set to benefit from the growing demand for its guarantor loan product.
This is the latest deal for Paragon’s structured lending team, which has provided over £130m of funding to date.
Lewis Fitzsimons, senior director of structured lending at Paragon, said: “It is extremely rewarding to be able to help UK Credit with additional financing and support the company in its next phase of growth.
“The funding will help UK Credit continue to support [its] customers — be that to buy a new car, consolidate debt, fund home improvements or for any other reason they might have for taking out a loan.”
Graham Eke, deputy chief executive at UK Credit, added: “We are delighted to have secured Paragon as a key financing partner for UK Credit.
“Paragon’s funding will help us to fulfil our growth plans in the guarantor loans sector and I am looking forward to building on our relationship with Paragon.”
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