Paragon’s Structured Lending team supports Lantern Debt Recovery Services

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

Paragon Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England number 05390593. Registered office 51 Homer Road, Solihull, West Midlands B91 3QJ. Paragon Bank PLC is registered on the Financial Services Register under the firm reference number 604551