Pepper Money secures new funding lines worth more than £1.2bn
Pepper Money has secured new warehouse facilities, worth more than £1.2bn, to support its lending growth plans for first and second charge mortgages.
Three new funding lines for first charge mortgages have been agreed with Deutsche Bank, Lloyds Bank and MUFG. Pepper Money has also secured a new agreement with Santander to fund its second charge mortgage lending.
The new arrangements bring Pepper Money’s total warehouse capacity to over £2.8bn providing a strong funding pipeline and increased capacity to support its growth aspirations and intermediary partners into 2024 and beyond.
Andrew Voss, CFO at Pepper Money, says: “We are very pleased to confirm these new funding arrangements, which bring our total warehouse capacity to over £2.8bn, which represents over 12 months of originations. With the recent market volatility, it’s important Pepper Money has this additional capacity to provide a stable funding base and continuing originating through market cycles. With the current challenging conditions, we recognise that intermediaries are looking for lenders who will continue to lend and support their clients, with this new funding, Pepper continues to be that lender.”
Pepper Money was supported by Vixory Capital in the delivery of the MUFG funding line. Andrew Twyford, from Vixory Capital, says: “We are delighted to have supported Pepper Money on this capital raise and look forward to continuing our relationship with the business”.