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Peer2Peer Finance News | September 23, 2019

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Sancus BMS seeks £15m funding from investors

Sancus BMS seeks £15m funding from investors
Emily Perryman

SANCUS BMS Group, the owner of the Sancus Finance and Sancus Funding peer-to-peer platforms, is seeking to raise up to £15m from investors.

The alternative finance provider, which is owned by Aim-listed GLI Finance, has launched its fourth special purpose vehicle (SPV) to raise an initial £5.85m through the issue of senior notes to external investors.

The business lender said it is likely that further draws of funds will be made in the next three months to reach a maximum total raise of £15m.

The funds in the SPV, which is managed by Amberton Asset Management, will be deployed into loans which will be arranged by Sancus and its subsidiaries.

Read more: Sancus BMS Group targets £1bn of lending by 2020

As part of the loan note, investors will be paid interest monthly at a rate of six per cent annualised. Sancus is assuming a 20 per cent first loss position.

Andy Whelan, chief executive of GLI and Sancus, said the lender is committed to ensuring it has numerous sources of funding available to meet its growing loan origination/book.

“It is particularly pleasing to see the continuing interest from the market to participate in these loan notes, and through this mechanism, in the loans arranged by Sancus,” Whelan added.

The latest set of loan notes follow a £50m credit facility secured with Honeycomb Investment Trust early this year.

Read more: Sancus draws first funding from Honeycomb credit facility