The new facility increases the total funding facilities available to the Group to in excess of GBP 155 million.The deployment of this facility will enable Bradgate to increase the amount and diversify the range of lending for business-critical equipment used by SME businesses while resolutely maintaining its strict underwriting criteria.
Deploying funds over the life of the facility will allow 1pm to reduce its blended borrowing cost thus delivering one of management’s key operational objectives to increase the net interest margin from its lending activities.
At the end of February 2018, 1pm has entered into a cooperation agreement with Mintos to be a loan originator on its online marketplace for loans. Through Mintos, 1pm will gain the benefits of the p2p lending model in financing loans that have traditionally been funded on its own balance sheet.
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