Lendable secures £500m in funding lines from NatWest and others

Lendable, which channels institutional capital into consumer lending, has secured funding arrangements worth £500m from new and existing backers.

The capital comes from existing investor Waterfall Asset Management, along with NatWest Markets and Varadero European Special Opportunities, who are funnelling cash via Lendable for the first time.

"We're delighted that our first institutional investor Waterfall is renewing its commitment in our business, whilst we add a new partner in Varadero, and execute the first warehouse facility of Lendable loans from NatWest Markets all in the space of a few short weeks,” said Rory McHugh,Lendable’s chief capital officer.

While Lendable has kept a fairly low profile in recent years the company also revealed it will be launching a £150m closed-end fund over the summer, working with a currently unnamed global investment bank which will provide senior financing.

"NatWest Markets is pleased to have been able to provide a warehouse facility to assist Waterfall and Lendable with their funding requirements and which will support the continued consistent growth the business has successfully achieved,” said NatWest Markets director George Ross.

James Cuby, Waterfall's managing director added: "We've backed Lendable since early 2017 and following successful growth and strong asset performance we are delighted to continue to back this exceptional company and management team."