GLI Finance scores £50m funding line from HoneyComb fund

By Daniel Lanyon on Monday 29 January 2018

Alternative Lending

The firm will use the facility to ramp up its property backed lending business.

AIM listed GLI Finance has scored a new funding facility with the Honeycomb Investment Trust, according to regulatory documents.

The funding line has a term of 3 years and comprises a £50m revolving credit facility, of which £20m will be drawn and deployed immediately.

The facility will be used to expand further the activities of Sancus, the Company's property backed lending business.

HoneyComb has another link with the alternative Finance space owing to its investment manager Pollen Street Capital merging with MW Eaglewood, the manager of the P2P Global Investments trust last year.

Andy Whelan, CEO of GLI said: "I am delighted that HIT have provided a substantial funding line to the Company. This will facilitate further expansion of our successful property-backed lending facilities through the Sancus Group of companies. Establishing such a facility has been one of our key stated objectives and is additional testament to the strength of the Sancus offering and our rigorous credit management. "

Howard Garland, Partner of Pollen Street Capita said: "We are delighted to provide this funding line to GLI for use within their Sancus business. We have been impressed with their business model, the discipline they have shown in their credit policy, and the opportunities available to them."

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