Reward Funding inks £360m of new debt facilities to support growth
UK alternative finance provider Reward Funding has secured £360m of new debt facilities, as it eyes a £500m loan book.
The Leeds-based firm has received a £100m debut private securitisation from an international bank, a £150m senior debt facility from Quilam Capital and £110m of new funding lines from existing partners Foresight and RMB.
The firm said that the transactions partially refinance its incumbent debt facilities while also providing additional liquidity to support the business’s expansion, as it looks to increase its loan book to £500m in the next three years.
“Being able to bolster our credit lines by a further £360m is a hugely significant deal for the business and will also benefit those companies which rely on our support to fund expansion in challenging economic conditions,” said Nick Smith (pictured), group managing director for Reward.
“It gives us such a strong foundation to achieve our goal of a £500m loan book within three years.
“Our whole ethos is built around working closely with entrepreneurs and SMEs to fund their ambition and offer a fast, agile funding solution that enables them to seize opportunities when they arise. This can only be made possible by the strength of our lending, and being on course to provide our busiest year of lending gives our new and existing clients that much-needed confidence and certainty in what remains an uncertain climate.”
Jack Dutton, director at Interpath, who advised on the transaction alongside Olivia Dunning and Niamh Valentine from Interpath’s debt advisory team, said: “We have worked closely with Reward to understand their operational model and put in place a capital strategy that would allow them to continue to offer the flexible, dependable, and rapid approach to funding which has given them a pivotal role in the funding landscape for the SME community. It has been an absolute pleasure working with the team on this transformational financing, which introduces new institutional funding partners to the business.”
Ashurst and Walker Morris acted as legal counsel to Reward.
Reward has supported over 2,000 property investors and businesses and provided over £1.2bn in funding since it launched in 2010.
