Jerrold Holdings Limited has announced it has completed an extension of its private Securitisation programme, while also increasing the facility from £373m to £435m.
The increase in financial backing will enable Auction Finance to continue to provide competitive lending products to its customers.
Commenting on the transaction, Scott Hendry, director of Auction Finance, said:
“This important transaction secures committed funding on favourable terms to January 2018 and will support considerable growth in both our retail and commercial divisions in line with continued demand for our products. As we enter our 10th year of lending the deal will allow us to fund our ambitious growth plans and deliver a wide range of products at competitive rates to benefit our customers, both old and new.”
The new revolving facility runs until January 2017 with a further 12 months’ non-revolving commitment to January 2018. The Securitisation Note purchasers are Royal Bank of Scotland, Lloyds Banking Group and Natixis.
Loans from Auction Finance typically vary from £20,000 to £3m, with an average loan size of £67,500. Funds can be transferred just 24 hours after completion. The lender was recently named Supplier of the Year in the Products for Funding category at the Landlord and Letting Awards 2013.
