Ricky Knox, CEO of Tandem Bank
Honeycomb sells £44.6 million of loans to Tandem Bank
The investment trust says it is also seeing nonbank lenders “tentatively” re-enter the lending market.
Listed lending fund Honeycomb has disposed of £44.6m of consumer unsecured whole loans to Tandem Bank in August, according to a stock market update.
Honeycomb says the sale “is in line with the Company’s strategy of focusing on secured credit assets with first loss protection from the borrower.”
The bank recently announced the closing of its latest £60m funding round, which in part funded the acquisition of Allium which it says will make the UK's first 'green' digital bank.
Honeycomb invests in a variety of different loans, mostly in the property sector, as well as providing funding lines to nonbank lenders.
”We are also seeing nonbank lenders tentatively re-enter the lending market with restricted scorecards as the economy has started to re-open,” Honeycomb said in the same update.