"This additional capital allows for continued growth in our sector"
Second-charge specialist lender Evolution Money has announced the completion of its inaugural private securitisation with a facility of up to £290 million.
The agreement would refinance Evolution Money’s existing facilities, a statement from the company revealed, with senior funding from NatWest Markets and mezzanine funding from global alternative investment firm Castlelake LP.
“I am delighted to announce the completion of our first private securitisation which we have achieved with the ongoing and unwavering support of NatWest Markets and Castlelake LP,” Steve Brilus, CEO of Evolution Money, said. “This additional capital allows for continued growth in our sector, the ongoing development of our product portfolio and the delivery of our business purpose to support financial inclusion. I am very excited for the future and feel we are perfectly positioned to achieve our strategic plan.”
On top of thanking their funding partners, Brilus also expressed his gratitude for the company’s legal counsel at TLT and advisory partners at EY. Additionally, chief financial officer Ben Guvenc acknowledged the role that their internal teams played in the success of the deal.
“I would also like to mention and give special thanks to all our internal teams at Evolution who have demonstrated absolute dedication over the last six months and displayed our values throughout,” Guvenc said. “We couldn’t have done it without them, and they deserve recognition for what they have helped us achieve.”
Established in 2011, Evolution Money has since served around 24,000 customers by providing them with over £350 million of credit in homeowner loans. It currently employs more than 150 people at its Manchester headquarters.