Blue Motor Finance has announced the completion of an extension to one of its warehouse facilities.
This will enable Blue to strengthen further its financial position and support its growth in providing used car loans from its dealer network.
A warehouse facility is when a bank extents a line of credit to a lender, and this extension with a major European bank demonstrates confidence in Blue and its business model.
It also shows its commitment to long term relationships with its growing panel of financing partners.
So far its platform has enabled Blue Motor Finance to support customers by lending in excess of £1.5bn to more than 150,000 individuals.
Tiku Patel, CEO of Blue Motor Finance, said: ‘We are delighted to extend our relationship with this major European bank.
‘We value our partnership and the way in which we have worked together in particular through this unprecedented crisis.
‘This extension shows confidence in our credentials for carefully managing credit risk, delivering continued predictable performance, and further growing our business as we move forward.’
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