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Specialty lender Pepper Money has raised more than £1.2bn of new financing lines to support its first and second mortgage lending growth plans.
Pepper Money has agreed new funding lines for its first mortgages with Deutsche Bank, Lloyds Bank and MUFG, as well as Santander to fund its secondary mortgages.
This brings Pepper Money’s total storage capacity or funding stream to over £2.8bn to support growth in 2024 and beyond.
Pepper Money Chief Financial Officer Andrew Voss said: “We are thrilled to confirm these new funding arrangements which will bring our total warehouse capacity to over £2.8bn, over 12 months of operation.
“Given the recent market volatility, it is important that Pepper Money has the additional ability to secure a stable funding base and continue to move through market cycles. We understand that in the current challenging environment, intermediaries are looking for lenders who will continue to lend and support their clients, and with this new funding, Pepper continues to be that lender.”
The delivery of the MUFG financing line was backed by Vixory Capital. Andrew Twyford of Vixory Capital adds, “We are delighted to have supported Pepper Money in this capital raise and look forward to continuing our relationship with the business.”
Pepper yesterday announced a series of cuts to its two- and five-year fixed interest rates to 90% basis points, as well as the launch of a new 70% credit-to-value tier for certain products.
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