Reward Funding has completed a £360m refinance to help increase its loan book to £500m over the next three years.
Advised by international advisory firm Interpath, Leeds-based Reward received a £100m debut private securitisation from an international bank, a £150m senior debt facility from Quilam Capital, and £110m of new funding lines from existing partners Foresight and RMB.
The deal partially refinances Reward’s incumbent debt facilities while providing liquidity and enhanced flexibility, enabling the business to support its continued expansion.
Since launching in 2010, Reward has supported over 2,000 property investors and businesses, providing over £1.2bn in funding across five product areas.
Nick Smith, group managing director at Reward (pictured above), said: “Being able to bolster our credit lines by a further £360m is a hugely significant deal for the business and will also benefit those companies which rely on our support to fund expansion in challenging economic conditions.
“It gives us such a strong foundation to achieve our goal of a £500m loan book within three years.”
David Harrop, group finance director at Reward, commented: “Successfully raising this level of institutional funding is a testimony to the business we have built at Reward.
“We look forward to working with our new and existing funding partners to provide further support to UK SMEs.”
Jordan Blakesley, managing director at Quilam Capital, said: “Our relationship with management spans almost 10 years and we are delighted to be supporting Reward’s growth journey with the first senior credit transaction following the announcement of our strategic JV with JP Morgan earlier in the month.”
Jack Dutton, director at Interpath — who led the transaction alongside Olivia Dunning and Niamh Valentine from Interpath’s debt advisory team — said: “We have worked closely with Reward to understand their operational model and put in place a capital strategy that would allow them to continue to offer the flexible, dependable, and rapid approach to funding which has given them a pivotal role in the funding landscape for the SME community.
“It has been an absolute pleasure working with the team on this transformational financing, which introduces new institutional funding partners to the business.”
Ashurst and Walker Morris acted as legal counsel for Reward.