Sancus BMS Group has announced the signing of a new funding facility with Honeycomb Investment Trust plc (“HIT”), which is managed by Pollen Street Capital, to expand further the activities of Sancus, the property backed lending business.
The funding line comprises a £50 million accordion and revolving credit facility, £20 million of which shall be drawn and deployed immediately.
Sancus shall continue to operate its hybrid model, underwriting and participating in each loan and syndicating out to its pool of Co-Funders. The new funding line will allow the Company and Co-Funders to participate in larger size loans as the business sees significant growth opportunities across all its operating jurisdictions and further expansion into Ireland.
Andy Whelan, CEO of GLI and Sancus BMS 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 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 Capital, the investment manager of Honeycomb Investment Trust plc said,
“We are delighted to provide this funding line for use within the 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.”