Debt purchaser Lantern Debt Recovery Services has raised a £15m committed senior revolving credit facility from Shawbrook Bank and Paragon Bank.
The funds, which have a built in £15m accordion feature which can be used to increase the senior commitment if required, will be used to support the purchase of further non-performing consumer debt portfolios.
Lantern has acquired and managed more 250 portfolios since 2008, representing are £1.3bn. It is backed by Copper Street Capital, an alternative investment firm with a focus on the financial services sector.
Denise Crossley, chief executive of Lantern said: “Securing the new funding facility is an exciting development for Lantern, and reflects the confidence our institutional partners place in us. This is a significant endorsement of the talent of our team and business as a whole, where our skills, as a niche Purchaser of customers requiring a more bespoke collections approach, are in demand.”
Sarah Watts, director in structured finance at Shawbrook Bank said: "We are delighted to be able to support Lantern. The specialist wholesale team at Shawbrook has a lot of experience in the debt purchase space and we’ve been able to structure a bespoke facility for the business that will be transformational as they continue to implement their growth strategy."