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 1^st Stop Funding No. 2 Limited, including a £75 million senior facility and mezzanine and junior facilities, and borrowing base facilities provided to 1^st 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 1^st Stop Home Loans Limited as the master servicer of their respective portfolios. Legal title to the receivables within the portfolios remains with the relevant 1^st Stop originator, each being authorised firms and wholly-owned subsidiaries of The 1st Stop Group Limited.