Facility increases from £75 million to £125 million
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.”
Rory adds,
“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.”
Media Contacts
For Sancus Lending Group Enquiries, please contact:
Amanda Overland
Amanda.overland@sancus.com
+44 7988 563139
Sancus Lending (UK) Limited
3rd Floor
The News Building,
3 London Bridge Street,
London,
SE1 9SG
About Sancus Lending Group
Sancus Lending Group is a specialist lender offering bridging, development and refurbishment property finance to property developers and investors, professional landlords and construction specialists.
Sancus offers Borrowers a simple, efficient alternative to traditional lenders. Bridging loans start at £500,000 at term lengths up to 24 months and development loans from £1,000,000 at term lengths of 6 to 24 months. The maximum loan Sancus has completed to date is £22m with the majority of loans being between £2m – £10m (€2m – €10m).
Sancus operates a multi-tiered funding model, sources of funding include proprietary capital, Sancus Co-Funders and Institutional funding lines, such as The Sancus Loan Note Program and a £75m funding line with Pollen Street.
Co-Funders are offered a range of asset backed; risk adjusted funding opportunities at variable term lengths. Co-Funders include family offices, HNWIs (High Net Worth Individuals) and private clients.
Sancus has provided in excess of £1billion of funding to developers, SMEs (small medium enterprises) and entrepreneurs and has offices in the UK, Ireland, Jersey, Guernsey and Gibraltar.
For more information, visit www.sancus.com.
You can also follow us on LinkedIn https://www.linkedin.com/company/the-sancus-group
About Pollen Street
Pollen Street is a fast growing and purpose led alternative asset manager. Established in 2013, the firm has built deep capability across financial and business services, aligned with mega-trends shaping the future of the industry. Pollen Street manages over £3.2bn AUM across private equity, credit strategies and real estate on behalf of investors globally including leading public and corporate pension funds, insurance companies, sovereign wealth funds, endowments and foundations, asset managers, banks, and family offices. Pollen Street has a team of over 80 professionals with offices in London and New York City.
