1SG has announced that one of its funders, Citibank, has agreed to increase its existing facility, doubling the amount available from £75m to £150m. The increase reaffirms Citibank’s support for 1SG and the near prime specialist finance sector and means that alongside its other funders, 1SG now has total debt facilities in excess of £225m.
The extended facility will be used to fund 1SG’s consumer lending product range which includes car finance loans, secured second charge mortgages and unsecured personal loans. It will enable 1SG to continue its exciting growth trajectory having seen its loan book pass £150m last month, lending £100m in the last twelve months.
Commenting, Alex Mollart, Founder and Chief Executive of 1st Stop Group, said: “We are delighted to have been granted this extension to our facility. This significant increase demonstrates Citibank’s positive approach and their desire to work with us to understand our business needs.”