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Sancus BMS Group has announced the first significant drawdown of £17.5 million on their new facility with Honeycomb Investment Trust plc (“HIT”).
The provision of the £50 million accordion and revolving credit facility was announced on 29th January and is available to expand further the activities of Sancus’ property backed lending business.
HIT is managed by Pollen Street Capital, the specialist private equity fund manager that bought the UK challenger bank, Shawbrook last year.
Andy Whelan, CEO of Sancus BMS said,
“When we announced that HIT had provided a substantial funding line to Sancus I said that this would facilitate further expansion of our successful property-backed lending facilities; with this first, substantial, draw-down that process has successfully commenced.“
