Evolution Money has announced the successful completion of the group’s inaugural private securitisation, with a facility of up to £290m.
The new agreement refinances the second charge lender’s existing facilities, with senior funding now supplied by NatWest Markets and mezzanine funding provided by global alternative investment firm, Castlelake L.P.
Since launching in May 2011, Evolution Money has helped more than 24,000 customers access over £350m of credit through secured homeowner loans, ranging from £5,000 to £100,000.
The firm’s CEO, Steve Brilus, commented: “I am delighted to announce the completion of our first private securitisation which we have achieved with the ongoing and unwavering support of NatWest Markets and Castlelake L.P.
“A big thank you must go out to our legal counsel at TLT and advisory partners at EY who have both done an amazing job alongside our funding partners in structuring the deal.
“This additional capital allows for continued growth in our sector, the ongoing development of our product portfolio and the delivery of our business purpose to support financial inclusion. I am very excited for the future and feel we are perfectly positioned to achieve our strategic plan.”
Evolution Money chief financial officer, Ben Guvenc, added: “Working closely with our funding partners at NatWest Markets and Castlelake L.P, our legal counsel at TLT, and our advisory team at EY, has been a pleasure over the last few months and I am very pleased that we have been able to conclude this transaction with such speed, precision, and success.
“I would also like to mention and give special thanks to all our internal teams at Evolution who have demonstrated absolute dedication over the last six months and displayed our values throughout. We couldn’t have done it without them, and they deserve recognition for what they have helped us achieve.”
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