Travers Smith LLP has advised Paragon Bank plc (Paragon) on a speciality finance facility provided to LE Capital to partly fund LE Capital's acquisition of the RateSetter car dealer finance loan portfolio from Metro Bank.
The portfolio formed part of the RateSetter loan portfolio acquired by Metro Bank in April 2021, following its acquisition of the RateSetter platform in September 2020.
This funding will enable LE Capital, which is backed by Wallop Ventures and led by CEO, George Stancliffe, to grow the portfolio significantly and further support car dealerships across the UK.
The Travers Smith team was led by Finance Partner Jamie Parish with support from Trainee Reece Morgan.
Jamie Pickering, Director of Structured Lending at Paragon, said "We are appreciative of Travers Smith's support and expertise on another exciting transaction. Paragon is committed to supporting innovative companies and we are pleased to provide this new funding that will support LE Capital's growth ambitions."
Jamie Parish added "Our longstanding relationship with Paragon has involved transactions spanning a wide variety of underlying asset classes in the speciality finance space and we are always pleased to work with them to support the growth of high-quality lending businesses such as LE Capital."