Sancus Limited, the Jersey-based p2p lender that specializes in working with local entrepreneurs and businesses, has completed its first loan of £2.5 million.
The loan was for a local entrepreneur who wished to effect a shareholder restructuring under a high-pressure deadline of just two weeks. Sancus arranged for security to be taken through associated entities, and composed an attractive debt/equity loan, which they financed alongside two other co-lenders.
The entrepreneur approached Sancus due to its strong and intimate knowledge of the offshore environment, and its ability to handle highly complex funding scenarios. The Sancus team received praise for the confidence they gave the client that the transaction would be completed, and for the speed with which the deal was agreed.
Chief Executive Andrew Whelan indicated that Sancus is currently working on a number of other proposals. This news may serve as an early indication of the effectiveness of the Sancus machine in facilitating local loans.