Waterfall AM provides £100m facility to UK sub-prime consumer lender
Gain Credit, a UK sub-prime consumer lender, has secured a facility of up to £100m from Waterfall Asset Management to support its growth plans.
The firm said the debt funding will enable it to continue to develop mid-priced, responsible credit solutions for people unable to get credit from prime lenders and mainstream banks. It highlighted supply issues in the UK consumer finance market, particularly for non-prime borrowers.
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“We are excited to partner with Waterfall Asset Management enabling us to support UK consumers who might otherwise be frozen out of market,” said Mark Fiander, chief executive of Gain Credit. “Recent reports from ClearScore/EY and Fair4All Finance have highlighted just how important a working non-prime credit market is for people. We are delighted to be able to play our part in this and at the same time help combat the rise in illegal money lending.”
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Waterfall Asset Management is a New York-headquartered alternative asset manager, focused on specialty finance opportunities within the asset-backed securities, loans and commercial mortgage REIT sectors.
James Cuby, managing director at Waterfall Asset Management, said: “We are delighted to be supporting Gain Credit’s growth plans in the UK market. The infusion of new funding will support Gain Credit in providing underserved consumers with access to credit and we are pleased that this new partnership will expand our support of the UK consumer sector.”
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