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Embedded financing plaform YouLend has secured a $1bn (£770m) financing facility with Castlelake to develop its enterprise within the US.
The three-year facility, between funds managed by Castlelake and YouLend, will allow YouLend to lend extra to US small- and medium-sized companies.
Learn extra: US non-public credit score defaults drop in Q3
“The USA is a important precedence for us,” mentioned Anders Torpe Christoffersen, chief monetary officer at YouLend.
“We’re thrilled to speed up origination development by means of this facility with Castlelake.”
Castlelake is an alternate funding agency that specialises in asset-based non-public credit score. Canada’s Brookfield Asset Administration introduced plans to purchase a majority stake in Castlelake earlier this yr.
That is the most recent settlement between YouLend and Castllake, constructing on an present relationship between the 2 companies throughout a number of geographies in Europe.
In 2023, funds managed by Castlelake supplied subordinated debt to help YouLend UK’s non-public securitisation transaction.
Learn extra: L&G buys stake in Taurus to develop US actual property funding providing
“Castlelake is happy to increase its present relationship with YouLend by means of this new financing facility for US retailers,” mentioned Alex Curcio, companion, specialty finance at Castlelake. “We imagine the worldwide SMB finance sector presents attention-grabbing asset-based funding alternatives for institutional traders and that personal credit score options are taking part in an more and more vital position in assembly the demand for capital from SMBs.”
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