By Daniel Webster. dWeb.News Publisher
Blue Motor Finance has closed a new PS 250million warehouse facility. This was made possible by senior funding from Societe Generale as well as mezzanine subscriptions to Insight Investment funds. This is the first transaction Blue has done with Societe Generale, and it’s the second mezzanine tranche from Insight Investment managed fund funds. Blue is keen to diversify and expand the partnerships it works with through its funding platform. Blue’s platform continues to be supported by a wide range of blue-chip investors and funders. Blue’s financial position will be strengthened by the new warehouse as it expands its lending to used cars through its dealer network.
This transaction demonstrates Blue’s ongoing commitment to building its financing platform by establishing long-term relationships with financing partners. Blue’s relationship focused funding approach has enabled it to lend in excess of PS1.7bn in loans, supporting over 160,000 customers, and is underpinned by long term consistency and prudency in managing credit risk and delivery of diversified loan portfolios with relatively low average loan sizes, short term lengths, good security and predictable low default rates.
Tiku Patel, CEO at Blue Motor Finance said “We have been working closely with Societe Generale for some time now trying to find a way in which you can build a meaningful relationship.” We are pleased to have agreed this valuable partnership with them, and with Insight Investment. Blue has received significant financing and we look forward for the long-term. Blue has rebounded well from the effects of the pandemic, and is now growing strongly. The new facility shows confidence in our ability to manage credit risk and deliver predictable performance Emmanuel Blind commented, “Societe Generale is committed real economy financing and Blue Motor has been identified as a key partnership with a sound strategy and business. We are pleased to provide them with this facility to support growth. Insight Investment’s Head of Secured Finance, Emmanuel Blind, commented that Societe Generale is committed to real economy financing and Blue Motor was identified as a key partner with a prime sponsor. This allows us to continue to implement our clients’ strategies within the UK consumer market, while also providing Blue with an efficient funding option. We look forward to the success of this new origination platform.”
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