Startline Motor Finance has secured a five-year £475m credit score facility from international funding financial institution J.P. Morgan.
That is the sixth renewal and upsize of its kind between the 2 firms.
Paul Burgess, CEO of Startline, mentioned: “A five-year deal of this type is sort of uncommon within the motor finance sector and, we consider, is a vote of confidence and ensures a robust funding base for the way forward for the corporate, particularly following our latest oversubscribed securitisation.
“The new credit facility and the securitisation – together with potential use of mezzanine funding – represents a strategy designed to help us make more efficient use of capital and diversify our funding. We have the right mix to support continued expansion, we believe.”
Startline plans to extend its market share of the motor finance market by quantity to three%.
Burgess mentioned: “Now we have been underpinning our plans in latest months with initiatives equivalent to a substantial funding in expertise.
“Recent projects include a sophisticated business portal for dealers, biometric e-Sign to enable new credit agreements to be processed more quickly and efficiently, and a range of AI-style robotic process automations.”
“Also, we want to continue to attract the highest quality people, and have recently been named a ones to watch by the Best Companies initiative. It is all about ensuring that we are well placed for the future to maximise our potential.”
