By Roger Baird on 14th February 2019
The asset-backed lender said the deal is part of its plan to hike its loan book to £250m by 2021.
Asset-backed lender Praetura Asset Finance has secured a £75m securitisation facility in order to boost its loans to small businesses.
Blackburn-based Praetura signed the deal with NatWest Markets and investment manager RM Funds, which originates loans for closed-ended investment trust RM Secured Direct Lending. RM said it will invest up to £7.5m as the funding line is used.
Praetura, founded in 2013, said the deal is a part of its plan to grow it loan book from £100m to £250m by 2021.
Last month Praetura bought Wilmslow-based Kingsway Finance, following a £15m loan note from RM Secured Direct Lending. Praetura said the move made it “one of the UK’s largest independent asset-backed lenders”.
Praetura founding director Peadar O’Reilly, “We're an ambitious company; we set Praetura Asset Finance up five years ago and we now have a loan book of over £100m. This inaugural securitisation will help us grow the company significantly and continue to achieve new ambitions.”