A Blackpool based loan specialist is set for expansion after securing a funding deal from the Isle of Man.
The 1st Stop Group, which was founded in Blackpool in 2004 and employs around 60 staff at several UK sites, has teamed up with Conister Bank, part of the Manx Financial Group.
1st Stop Car Finance, one of the Group’s subsidiaries, will introduce and pre-underwrite hire purchase loans on behalf of Conister Bank, including online applications for vehicle finance via its consumer website www.1ststop.co.uk.
Conister Bank estimates that the arrangement will generate a near 10 per cent increase in its loan book in the first 12 months of operation. The move is part of Conister’s bid to become better known in the UK.
1st Stop Car Finance’s Managing Director David Enright said: “We are delighted to have the backing of Conister Bank. The innovative funding structure will allow us to accelerate our growth at a time when many of the UK’s largest banks have reduced their lending appetite.”
1st Stop was originally set up to provide loans for council tenants to buy homes under the Right to Buy scheme. It then diversified under founders Alex Mollart and Mike Gray offering a variety of products.
This year it launched its Guarantor Loans to provide another financial option for the increasing number of tenant applications that they were receiving.