PIMCO managed fund acquires minority stake in Step One Finance

23 May 2016

Global Institutional Investment Managers Acquire Minority Stake in Step One Finance Limited.

UK specialist lender Step One Finance Limited ("Step One") is pleased to announce that it has successfully completed an equity funding round participated by the Bravo Fund II, L.P. operated by PIMCO, the Newport Beach, California based investment management firm with over $1.5 Trillion of assets under management, together with Credit Suisse Asset Management’s Securitized Products group and various private investors.

Michael Childress, Co-Founder and CEO of Step One, commented: “We are very excited to partner with such well-respected asset managers. The new funding will allow Step One to significantly increase its presence in the UK residential second charge mortgage market. Our new relationship with PIMCO builds on strong existing relationships with Credit Suisse Asset Management, Pacific Advantage Capital, 080808 Capital and numerous other private investors.”

Jameel Jesani, Co-Founder and Director of Step One, remarked, "this equity round marks the culmination of five years of platform building. Step One is now backed by multiple major institutional shareholders and has the springboard to enhance its product offering across the specialist UK real estate and consumer credit space and grow the platform into a premier and innovative multi-product specialist lender."

Any general questions or enquiries should be directed to Michael Childress at 01483 661 101.

Company Background:

Step One was formed in 2010 and prides itself on operating a business model of creating innovative financing solutions and offering responsibly underwritten loans which are simple, fair and transparent. The company has grown rapidly since its formation and currently offers a wide range of residential second charge mortgage products to customers in England, Scotland and Wales.

Company Details:

Step One Finance Limited
Premier House
15 – 19 Church Street West
Woking
Surrey GU21 6DJ

Tel: 01483 661 100
Email: info@steponefinance.co.uk
www.steponefinance.co.uk