PremFina has agreed a £400m senior debt facility with UK bank Lloyds. The premium finance provider says the deal will support continued expansion of its loan book, which has grown by more than 300% in the past 18 months.

The new facility follows the agreed £100m junior capital facility with Waterfall Asset Management, which was announced earlier this year. PremFina currently works with more than 200 broker partners.

Sharon Bishop, CEO of PremFina, said: “The support from a leading UK bank such as Lloyds alongside Waterfall Asset Management strengthens our funding platform to support continued growth of the business. With strong momentum across the business, we remain focused on delivering our business plan to achieve significant growth while maintaining strong performance levels.”

Miray Muminoglu, head of securitised products group at Lloyds, added: “PremFina has built a strong position in the insurance premium finance market and has an established track record of growth. We’re committed to supporting specialist finance providers and are pleased to provide this facility to support PremFina’s continued growth.”