Lovey, a Birmingham-based business lender and broker, has secured a senior secured credit facility of up to £250 million from Pollen Street Capital, made up of £50 million of committed capital and a £200 million accordion, the largest funding arrangement in its history. It builds on a £35 million revolving credit facility from Paragon Bank and a £10 million junior medium-term note programme from LGB Capital Markets secured last year. The main objective is to expand this specialty finance firm’s own-book lending, which it began in 2022, so it can offer larger loans to UK SMEs while continuing to grow its brokerage business; since launching in 2016, Lovey has funded more than £600 million in loans to over 11,000 businesses. Key players include founder and CEO Jack Smith, who said the facility will let Lovey “put more capital behind UK small businesses,” and Pollen Street investment director Ethan Saggu, who cited Lovey’s broker’s-eye view of unmet credit demand.

Lovey Lands £250M Senior Secured Credit Facility