Startline announces significant funding deal
Startline Motor Finance has secured a £375m credit facility from J.P.Morgan.
It is the third renewal and upsize of the facility between the two companies, following the original close of the financing at the end of 2017.
Paul Burgess, CEO at Startline, said: “We’re very pleased to sign this deal. Even since the last facility from J.P.Morgan last year, we have seen our workforce increase from 80 to 130 and our new business volumes increase by 20%.”
Startline’s flexible approach to lending is designed to be used when a mainstream prime lender declined an applicant. It has become more relevant than ever this year.
Burgess said: “Certainly, it’s no secret that prime lenders have been tightening their criteria in recent months as a direct result of the coronavirus situation and this undoubtedly creates new opportunities for a company such as ours, with a motor finance product range designed to sit just behind frontline lenders as part of a structured lending panel.
“We’ve always believed that it makes no sense and is unfair that buyers who fall slightly below prime lender requirements that they very often end up using sub-prime offerings, with the poor costs and conditions that implies. There should be other options.
