The firm secured the new facility last month from the investment trust.
Sancus BMS Group has made its first significant drawdown of £17.5m of the platform’s new facility from the Honeycomb Investment Trust.
First reported last month, the provision of the £50m accordion and revolving credit facility is available to expand further the activities of Sancus’ property backed lending business.
Honeycomb, managed by Pollen Street Capital, which bought the UK challenger bank Shawbrook last year and merged with the investment manager of P2P Global Investments, MW Eaglewood (now PSC Eaglewood) supplied the funding line with a term of 3 years.
Andy Whelan, CEO of Sancus BMS said, “When we announced that HIT had provided a substantial funding line to Sancus I said that this would facilitate further expansion of our successful property-backed lending facilities; with this first, substantial, draw-down that process has successfully commenced.“
Insurance AI & Analytics USA (June 27-28, Chicago) is the only forum bridging the gap between the analytical and data minds and the business transformation leaders. As carriers rush to meet customer demands and deliver continuous business growth without dramatically increasing costs, deploying innovative technologies such as AI, machine learning and advanced analytics can be the only way to remain competitive. But in order to deliver real value to the organization, these innovations must have a real application in the core business areas and directly improve operational efficiency and deliver a seamless customer experience