Startline Motor Finance has secured a five-year £475m credit facility from global investment bank J.P. Morgan.
This is the sixth renewal and upsize of its type between the two companies.
Paul Burgess, CEO of Startline, said: “A five-year deal of this kind is quite unusual in the motor finance sector and, we believe, is a vote of confidence and ensures a strong funding base for the future of the company, especially following our recent 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 increase its market share of the motor finance market by volume to 3%.
Burgess said: “We have been underpinning our plans in recent months with initiatives such as a considerable investment in technology.
“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.”
