1st Stop Group receives extra £75m funding from Citibank
1st Stop Group has announced that one of its funders, Citibank, has agreed to increase its existing facility from £75m to £150m.
"This significant increase demonstrates Citibank’s positive approach and their desire to work with us to understand our business needs."
Alongside its other funders, 1st Stop Group now has total debt facilities in excess of £225m.
The extended facility will be used to fund 1st Stop’s product range which includes secured second charge mortgages and unsecured personal loans.
The lender saw its loan book pass £150m last month, lending £100m in the last twelve months.
Alex Mollart, founder and chief executive of 1st Stop Group, said: “We are delighted to have been granted this extension to our facility. This significant increase demonstrates Citibank’s positive approach and their desire to work with us to understand our business needs.”
Breaking news
Direct to your inbox:
More
stories
you'll love:
This week's biggest stories:
FCA
Firms required to report complaints involving vulnerable customers under simplified FCA rules
FCA
FCA sets out timeline for mortgage rule changes
Santander
Santander joins mortgage price war with new rates from 3.51%
Inflation
Bank of England set to cut rates as inflation falls to eight-month low
This week's biggest stories:
FCA
Firms required to report complaints involving vulnerable customers under simplified FCA rules
FCA
FCA sets out timeline for mortgage rule changes
Santander
Santander joins mortgage price war with new rates from 3.51%
Inflation
Bank of England set to cut rates as inflation falls to eight-month low
Nationwide
FCA fines Nationwide £44m for inadequate financial crime controls
Bank Of England
Bank of England cuts interest rates to 3.75% in tight 5-4 vote
