Lovey has announced a senior secured credit facility of up to £250 million with Pollen Street Capital. The Birmingham-based fintech provides lending and brokerage services to UK SMEs. The new facility is the largest in the company's history.
Facility terms
The facility includes £50 million in committed capital and a £200 million accordion. Lovey will use the capacity to scale its own-book lending. The capital also supports larger loans for small and medium-sized businesses.
Company background
Lovey was founded in Birmingham in 2016. The company now employs 120 people. It has funded more than £600 million in loans to over 11,000 UK SMEs.
How customers access funding
Lovey combines direct lending with a brokerage panel of funding partners. Businesses can apply in 60 seconds. Funding can arrive in as little as 4 hours.
The facility follows existing arrangements announced last year. Lovey previously secured a £35 million revolving credit facility from Paragon Bank and a £10 million junior medium-term note program from LGB Capital Markets. The company was advised by Ashurst Perkins Coie and Pollen Street by Simmons & Simmons.