Sancus has announced the extension of its existing funding facility arranged by Pollen Street, the independent, alternative investment management company.
The facility has been in place for four years and the renegotiated extension will see it increase from £75m to £125m for a further four years helping to support the forecast growth of the Group’s loan book.
In addition to this, Sancus has seen their largest shareholder, Somerston subscribe an additional £2.1m of new equity into the business with a further £2.425m to follow shortly by way of increasing their holding in the Sancus bond. This increase of £4.5m new cash into the business will enable the Group to implement growth plans and highlights the confidence and support of their largest shareholder.
Sancus offers property development, refurbishment and bridging finance in the UK, Ireland, Jersey, Guernsey and Gibraltar to developers, property investors, construction specialists and professional landlords.
The Group continues to operate a multi-tiered funding model, consisting of institutional funding lines, including Pollen Street and The Sancus Loan Note program, Sancus Co-Funders and the company’s own capital.
Rory Mepham, CEO of Sancus Lending Group said,
“This is an exciting time for the business, where we have seen substantial growth, particularly in the UK and Ireland as evidenced in our H1 results and we see further growth opportunities across the Group in 2023 and beyond.
Over the last year we have expanded our team of in-house property experts, including surveyors, experienced developers and a highly knowledgeable loan delivery team. This has allowed us to add even more value and support to our borrowers as they can tap into our wide knowledge and skills base, particularly on the more complex development projects.”
Howard Garland, Partner of Pollen Street Capital said,
“We are pleased to announce the extension of our funding line with Sancus as we continue to build our relationship with the business. We have been impressed with their performance and the hard work of the team. At Pollen Street Capital we look to partner with expert lenders which have deep experience in the sector and so we are delighted to continue our relationship with Sancus.”
“I am delighted that we shall continue to work with Pollen, this will allow us to facilitate further expansion of our successful property lending throughout the UK, Ireland, the Channel Islands and Gibraltar. The confidence that Pollen has in the property sector and Sancus in particular, confirms our understanding of the potential in the market, the key benefits we offer borrowers and our rigorous credit management.”