The latest from PremFina for you;
PremFina, the UK’s fastest growing insurance premium finance provider, today announces the completion of a new £400 million senior debt facility provided by Lloyds. The transaction provides a significant boost to PremFina’s funding capacity to support continued growth of the loan book.
PremFina has delivered more than 300% growth of its loan book over the last 18 months. PremFina’s growth is underpinned by deep relationships, scalable funding, and its proprietary technology platform. Together, the senior and junior facilities provide efficient capital and additional funding capacity to scale the business and achieve milestones in line with PremFina’s business plan.
Sharon Bishop, CEO of PremFina, said:
“This transaction is another important milestone for PremFina. The support from a leading UK bank such as Lloyds alongside Waterfall Asset Management strengthens our funding platform to support continued growth of the business. With strong momentum across the business, we remain focused on delivering our business plan to achieve significant growth while maintaining strong performance levels.”
Miray Muminoglu, Head of Securitised Products Group at Lloyds said:
“PremFina has built a strong position in the insurance premium finance market and has an established track record of growth. We’re committed to supporting specialist finance providers and are pleased to provide this facility to support PremFina’s continued growth.”
Krishin Uttamchandani, Director at Waterfall Asset Management UK, said:
“PremFina continues, in our view, to demonstrate consistent performance and disciplined execution, with what we believe is a well-established position in the insurance premium finance market. We are delighted to continue supporting PremFina alongside Lloyds and to contribute to the continued development of PremFina’s funding platform.”
Kandarp Rawal, Managing Director at SpecFin Capital, added:
“This transaction marks another milestone in PremFina’s funding journey. Over the last 2 years, SpecFin has supported the business across its senior, mezzanine and junior debt facilities which have helped optimise and broaden PremFina’s institutional funding base. The business is now well positioned to continue scaling volumes and to potentially access public ABS markets in the future.”
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