Travers Smith LLP has advised the structured lending team at Paragon Bank plc (Paragon) on the provision of a £25 million senior revolving credit facility to Nucleus Commercial Finance (Nucleus). The funding will be used by Nucleus to support small and medium sized enterprises (SMEs) through secured loans and property finance.
As one of the UK’s leading providers of alternative finance to SMEs, Nucleus now has over £175 million of funding lines available to offer a range of finance options. To date, it has funded more than 2,100 small businesses across the country, providing a total amount of £1.3 billion in funding to British businesses of varying sectors and sizes.
Adam Daniels, Managing Director of Structured Lending at Paragon commented "We were delighted to work with Travers Smith on this transaction. Their understanding of our business and experience of structured lending enables us to support high-quality lending businesses and drive the growth of UK SMEs."
Chirag Shah, CEO of Nucleus Commercial Finance, comments: “Thanks to the collaboration and hard work of all teams involved, we’re delighted to have received this funding line from Paragon Bank. This additional funding will enable us to support more SMEs through flexible finance options, so that they continue to grow and deliver on their business ambitions.”
The Travers Smith team was led by Finance Partner Charles Bischoff with support from Associate Tom Maclean and Trainee Peter Borland.
Charles Bischoff commented "Having previously worked with Paragon on speciality financings across a number of sectors, we were pleased to have this opportunity to continue our strong relationship and support them on this transaction."
Pinsent Masons advised Nucleus.