Business
Acquisition & Establishment of Loans Division
Acquisition & Establishment of Loans Division.
About this update from Time Finance Plc
[{"type":"text","content":"\n \nRNS Number : 4864Z 1PM PLC 15 March 2017 \n\n \n \n \n \n \n 15 March 2017\n1pm plc\n(the \"Group\" or the \"Company\")\n \nACQUISITION OF INTELLIGENT FINANCING LIMITED FOR UP TO £2.0M\n \nESTABLISHMENT OF £7.5M SECURED LOAN NOTE PROGRAMME \nAND FIRST ISSUE OF £1.1M\n \nESTABLISHMENT OF LOANS DIVISION\n \n \n1pm plc (AIM: OPM), the AIM listed independent specialist provider of finance facilities to the SME sector, announces the following:\n \n· The acquisition of Intelligent Financing Limited, trading as Intelligent Loans (\"iLoans\"), a brokerage engaged in the packaging of secured Bridging loans, Second Charge loans and Commercial Mortgages (the \"Acquisition\");\n \n· In accordance with the plans announced on 7 March 2017, establishment of a £7.5m Secured Loan Note Programme (\"SLNP\") and completion of the first issue under the SLNP of £1.1m to part-fund the Acquisition; and\n \n· The establishment of a new Loans Division comprising the Group's existing £14m own-book of loans to SMEs, plus the Acquisition.\n \nThe Acquisition \n \nThe Company has acquired the entire issued and to be issued share capital of iLoans. \n \niLoans is an established, FCA regulated, profitable business, with a strong reputation in a growing market for secured Bridging, Second Charge and Commercial Property loans. iLoans earns commission income from a wide panel of lenders and a growing network of approximately 1,200 introducers from whom a significant level of repeat business is generated. In the financial year to 31 January 2017, iLoans completed over...