Manchester-based 247 Money has successfully completed the company’s first private securitisation, with a facility of up to £305m.
The facility will help to support a pipeline of auto finance originations enabling more consumers to access finance. The arrangement provides 247 Money with total available commitments over the life of the securitisation of up to £305m with senior funding from NatWest and mezzanine funding from East Lodge Capital.
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Reg Rix, chief executive of 247 Group, welcomed the deal, stating: “As a group, we continue to go from strength to strength serving customers efficiently through increasingly digital channels and the wider marketplace to provide first-class car financing solutions.
“We are committed to driving innovation within the industry precipitating from our consumer-centric, digital-first approach. This securitisation propels 247 Money into a new league, availing us in the delivery of more options to more consumers. This has been a great effort by the team and our continued thanks go to NatWest for their support over the years.”
Since launching in 2018, 247 Money is a non-bank lender specialising in Hire Purchase contracts for used vehicles across the UK. It is a part of the 247 Group, which includes CarFinance 247.
The company hopes this additional funding will support the group’s mission of saying “yes” to more of the consumers who apply through the CarFinance 247 marketplace each day.
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By GlobalDataDavid Miller, chief financial officer of 247 Group, added: “Consumer demand for finance has been strong as the UK emerges from the pandemic and this securitisation is a significant step-change for the business. As a group, we have a long-standing relationship with NatWest and we also welcome the funding support of East Lodge Capital, the dedicated resources of EY’s corporate finance team, and Ashurst LLP’s support as legal counsel.”
Back in 2019, CarFinance 247 partnered with Credit Kudos to improve its credit risk modelling and provide greater insight on affordability and risk.
