Asset finance provider Mann Island Finance has chalked up a £1bn ‘live’ lending milestone, marking its position as a significant player in the motor finance sector, the company said in a statement.
Although the company has offered vehicle financing since 2015, under the auspices of its parent Investec, Mann Island Finance will transform its business model to become a dedicated motor finance lender, working alongside the UK’s motor dealer and specialist broker communities, the company said.
The business said it offers hire purchase, personal contract purchase and lease purchase products on cars and light commercial vehicles (LCVs).
John Hughes, Mann Island Finance’s managing director, said: “Achieving a live book of £1bn of motor finance lending is a fantastic milestone for us to have achieved as the first new lender to enter the UK market in many years. The success is a combination of great people, fantastic business relationships and leading-edge multi-award winning fintech capability. It has all been about teamwork and a vision to transform vehicle lending.”
“As a new lender, we needed to ‘earn our spurs’ and show we could go the extra mile. Our agility, imagination and technology have served us well.
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“We aim to build on these strong foundations and help the wider motor finance sector transform as the operating environment in which we operate transforms. I’m very confident in our ability to deliver on this ambition.”