Buzzing Along! Sancus Announces £17.5M Drawdown on New Honeycomb Facility

Sancus BMS Group,  part of GLI Finance which includes Sancus Finance (formerly Platform Black)and Sancus Finance (formally FundingKnight), announced its first significant drawdown of £17.5 million on its new facility with Honeycomb Investment Trust plc to expand its property-backed lending activities. The provision of the £50 million accordion and revolving credit facility was announced in late January and is now available to expand further the activities of Sancus’ property-backed lending business.

“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,” commented Sancus BMS CEO Andy Whelan.

HIT is managed by Pollen Street Capital, the specialist private equity fund manager that bought the UK challenger bank Shawbrook last year. Sancus has reportedly provided in excess of £700M of funding to SMEs and entrepreneurs and has operations in the UK, Ireland, Jersey, Guernsey, Gibraltar & the Isle of Man. The minimum loan participation is £250,000, with no upper limit, the largest loan to date being £17M.

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The Sancus BMS Group, an altfin services provider specializing in the provision of short, medium and long-term financial solutions including secured asset backed loans, working capital finance and secured cash flow funding, aims to offer a range of financial solutions to both funders and borrowers, including attractive risk-based returns for funders and a speedy and efficient service to borrowers.

The Group has significant permanent capital, which it uses to underwrite loans, before syndicating out to its pool of co-funders. Focused on SMEs, Sancus manages the process, and ensures all due diligence, “KYC” and legal documentation are in place.



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