Specialist lender secures £360m refinance, to drive £500m loan book
Reward Funding has completed a £360m refinance as part of its strategy to increase its loan book to £500m in the next three years.
An international bank has backed Reward with a £100m debut private securitisation, Quilam Capital has provided a £150m senior debt facility, whilst £110m of new funding lines has been secured from existing partners Foresight and RMB.
The landmark deal partially refinances Reward’s incumbent debt facilities, alongside boosting liquidity and flexibility on its mission to grow.
Since launching in 2010, Reward has supported more than 2,000 property investors and businesses and provided £1.2bn in funding across its five product areas.
Nick Smith, group managing director for Reward, said: “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. 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.”
Jordan Blakesley, managing director at Quilam Capital said: “Reward is a distinguished specialist lender that provides tailored asset-secured facilities to UK entrepreneurs and businesses. Our relationship with management spans almost 10 years and we are delighted to be supporting Reward’s growth journey with the first senior credit transaction following the announcement of our strategic JV with J.P. Morgan earlier in the month.”
Jack Dutton, director at Interpath, who led 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.
