Blue Motor Finance has successfully closed a deal on a new warehouse facility with senior funding from Citi to support the growth of its SME lending business to its auto dealer network.
This is the first SME lending warehouse facility that Blue has added to its funding platform.
It further diversifies the range of funding solutions Blue has accessed and strengthens Blue’s financial position as it continues to grow.
The transaction highlights Blue’s continuing commitment to developing its funding platform through furthering longer-term relationships with financing partners.
The warehouse facility will allow Blue to continue to further enhance its support for auto dealers across its network and grow lending for used cars.
Blue’s relationship-focused funding approach has enabled it to lend in excess of £1.8bn in loans, supporting over 210,000 customers.
It’s underpinned by long-term consistency and prudency in managing credit risk and delivery of diversified loan portfolios with relatively low average loan sizes, short-term lengths, good security and predictable low default rates.
Tiku Patel, CEO of Blue Motor Finance, said: ‘Blue is constantly looking at ways to support our customers and dealers.
‘We have developed a unique SME lending platform which we are delighted is receiving great feedback from dealers and which is growing rapidly.’
Since starting up in 2015, Blue has lent more than £1.8bn to more than 210,000 customers.
The firm provides its introducers and customers with outstanding service based on technological innovation and the use of data and analytics.