Slaughter and May advised The 1st Stop Group Limited on its new warehouse and borrowing base facilities
Slaughter and May advised The 1st Stop Group Limited, a specialist consumer finance provider and a portfolio company of funds managed by Pollen Street Capital, on the refinancing of its existing facilities. The new financing takes the form of warehouse facilities provided to 1st Stop Funding No. 2 Limited, including a £75 million senior facility and mezzanine and junior facilities, and borrowing base facilities provided to 1st Stop Funding Limited, including a £35 million senior facility and a second lien facility.
The warehouse facilities and the borrowing base facilities are each ultimately backed by income from a portfolio of secured loan, unsecured loan and vehicle hire purchase receivables beneficially owned by the respective borrowers, who have each appointed 1st Stop Home Loans Limited as the master servicer of their respective portfolios. Legal title to the receivables within the portfolios remains with the relevant 1st Stop originator, each being authorised firms and wholly-owned subsidiaries of The 1st Stop Group Limited.