Paragon Provides £17.5m Support for UK Guarantor Lender
One of the largest guarantor lenders in the country, UK Credit, has recently secured £17.5 million in funding from UK-based bank Paragon. Paragon offers structured, secured funding to help lending businesses throughout the UK to grow. Paragon’s lending services excludes other banks, and will only consider funding for “non-bank” lending businesses such as UK Credit.
Paragon has already helped to provide more than £130 million in funding for numerous different lenders. The lenders that this UK bank have supported specialise in a range of different financial products; from property backed finance to guarantor loans. The funding provided by Paragon will help UK Credit to help continue their work in financially supporting borrowers through various different situations; from buying a new car, making home improvements or even consolidating debt.
Managing Director at Adam Daniels has commented the following on the company: “Our highly specialised team collectively has more than 50 years’ experience in the structured lending and specialist finance arenas and our aim is to support the growth of high-quality lending businesses. We are focused on relationships and to support businesses through the cycle.”
Established in 2010, UK Credit is one of the leading guarantor lenders of the UK offering borrowers simple guarantor loans of anything between £2,000 to £15,000. Typically, those with a poor credit history can struggle to find a lender who will accept them. UK Credit helps those with a bad credit history to get the financial support they need, securing the loan with a trusted guarantor.
Unlike many guarantor lenders, UK Credit will also consider applicants who do not have a homeowner as their guarantor. The lenders offer two financial products for potential borrowers, these being loans with a homeowner guarantor and loans with a tenant guarantor.
Senior director of Paragon Lewis Fitzsimons has commented the following on this latest deal, stating that “It is extremely rewarding to be able to help UK Credit with additional financing and support the company in its next phase of growth. We are delighted to be working alongside another excellent management team which has successfully built a market leading franchise.”
UK Credit have also commented on this recent deal, with deputy chief executive of the company Graham Eke stating that UK Credit “are delighted to have secured Paragon as a key financing partner for UK Credit. Paragon’s funding will help us to fulfil our growth plans in the guarantor loans sector and I am looking forward to building on our relationship with Paragon.”