Nucleus Commercial Finance says it has broken the British peer-to-peer (P2P) lending record by agreeing a £14.5million finance facility with the steel stockholder Industrial Metal Services (IMS).
The deal is over four times larger than the previous P2P record, which was for a £3.5 million loan issued by P2P lender ThinCats to insurance group LAMP. The Nucleus loan will bankroll IMS’ new stock purchases and general cash flow, and consists of invoice, asset and property finance.
“This is the first time a loan facility of this size has been seen in the P2P sector”, explained Chirag Shah, CEO of Nucleus Commercial Finance. “This is a significant sum of money for a company in a sector High Street banks consider ‘adverse’ due to the global steel trade. However, we support businesses from a wide variety of asset rich industries, and had no hesitation in working with IMS.”
“It’s difficult to find a lender that provides the same level of detailed financial analysis and range of financial facilities as a bank,” added Mick Welden, a consultant at Breal Consulting, which acted on behalf of IMS. “There are a lot of businesses that could benefit from access to alternative finance, especially after the recent Leave vote. Nucleus’s financial expertise and flexibility means they’re well placed to support the SME sector with record breaking amounts of P2P funding through a variety of different finance types.”
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