Lantern Debt Recovery Services Limited has raised a £15 million committed senior revolving credit facility from a syndicate of lenders including Paragon.

The funding will be used to support the purchase of further non-performing consumer debt portfolios. The facility also has a built in £10m accordion feature which can be used to increase the senior commitment if required.

Launched in 2008, Lantern is a leading player in the Speciality Finance debt purchase market, focused on purchasing and collecting portfolios of unsecured consumer loans. Having acquired and managed over 250 portfolios since 2008, representing around £1.3billion of face value, Lantern has developed deep experience, knowledge and insight of the market, and has established itself as a trusted partner with a significant number of the leading specialist lenders. Lantern is backed by Copper Street Capital, a fast-growing alternative investment firm with a focus on the financial services sector.

Denise Crossley, CEO of Lantern said:

Securing the new funding facility is an exciting development for Lantern and reflects the confidence our institutional partners place in us. This is a significant endorsement of the talent of our team and business as a whole, where our skills, as a niche purchaser of customers requiring a more bespoke collections approach, are in demand

Jamie Pickering, a Director in the Structured Lending team at Paragon said:

Supporting British businesses so they have the ability to reach their ambitions is a key aim at Paragon, so we are proud to use our specialist knowledge to provide a facility that suits Lantern’s needs and will help it to achieve its aspirations to grow even further

15 May 2019