Sancus Lending Group has announced in its unaudited results that it wrote £114m in new lending facilities last year, a 12% rise on 2023.
This comes as the company enters a commitment with its majority shareholder Somerston to obtain £10m of junior funding to support its loan financing facilities that it has and plans to expand into.
This is also part of the group’s strategy to maintain financial strength and liquidity to support its growth and finance further loan portfolios.
Sancus Lending Group has existing access to a loan facility of up to £125m, subject to criteria, provided by funds managed by Pollen Street Capital. This matures in November 2026 and the group has currently withdrawn £105m.
It also said it was making “good progress” in financing other facilities for its UK and Irish businesses, including with another challenger bank in the UK.
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Rise in turnover and loans under management
As of 31 December 2024, Sancus Lending Group reported £238m in loans under management, 185 higher than the year before, which it said reflected growth in the UK and Irish businesses.
It also reported a 36% increase in turnover to around £16.8m.
The company estimated that considering a gain of around £2.8m from the repurchase of some shares, it will report a result at or around break even for the financial year. This would be an improvement on its loss of £9m reported in 2023.
Sancus Lending Group said its board was “encouraged” by the actions management was taking, and the business is committed to returning to profitability this year.
The group expects to release its audited results for the year ending 31 December 2024 in March.
