Glasgow-based Startline Motor Finance said it has secured a five-year £475 million credit facility from investment bank J.P. Morgan.

“This is the sixth renewal and upsize of its type between the two companies, and it comes after issuance of two securitisations listed on the London Stock Exchange and totalling £747m,” said Startline.

Founded in 2013, Startline has 80,000 customers, over £625 million of assets under management and employs 230 people at its Skypark offices in Glasgow.

It provides “near prime” solutions to around half of the UK’s top 50 franchise dealers and 70% of the top 50 independent car retailers measured by turnover, and accounts for 2% of the motor finance market by volume.

Startline CEO Paul Burgess said: “A five-year deal of this kind is quite unusual in the motor finance sector and, we believe, is a vote of confidence and ensures a strong funding base for the future of the company, especially following our recent oversubscribed securitisation.

“The new credit facility and the securitisation – together with potential use of mezzanine funding – represents a strategy designed to help us make more efficient use of capital and diversify our funding. We have the right mix to support continued expansion, we believe.”

Startline aims to increase its market share to 3% of the motor finance market by volume.

In September, Startline began offering its full range of hire purchase and personal contract purchase plans for electric cars for the first time, with rates and conditions identical to petrol and diesel models.

Burgess said: “We’ve been monitoring the used electric car market closely over the last couple of years and it’s been something of a roller coaster ride with an emphasis on rapid downhills but we believe the market is now sufficiently stable to get involved.

“While it is still early days, used electric car sales are set to rise exponentially over the next few years and our move into this sector has been welcomed by dealers and their customers.”

Rob Tanna-Smith, Co-Head of Northern Europe ABS at J.P. Morgan, said: “We have been funding Startline for seven years now and are pleased to renew this facility to support their journey in the motor finance sector.”