LendingPoint announced it closed an increase of its mezzanine financing, bringing the total of the facility to $52.5 million.

Paragon Outcomes Management LLC provided the financing that closed last month. Paragon and LendingPoint have been building upon a successful relationship started with their first mezzanine credit facility in January 2017 of just $20 million, which was upsized just seven months later, and now has been increased again to $52.5 million.

The credit facility provides advance rate enhancement with LendingPoint’s other credit facilities for more efficient equity usage while also providing swingline support.

The announcement comes on the heels of more than a billion dollars of senior credit financing LendingPoint has closed in less than one year. The company secured an up to $500 million senior credit facility in August 2017 and an up to $600 million senior credit facility last month, both arranged by Guggenheim Securities.

“We are delighted by the continued show of confidence from our friends at Paragon Outcomes,” said Tom Burnside, LendingPoint co-founder and CEO. “Their support has been critical as we grow our origination volume and balance sheet, and march towards profitability next year. We’re proud that LendingPoint’s performance to date means companies like Paragon Outcomes want to be part of our future.”

The upsized mezzanine allows LendingPoint to more efficiently manage its equity by warehouse financing its originations before selling them into its senior credit facilities. This helps optimize line utilization and portfolio balancing between the senior credit facilities.

“We continue to be impressed with the performance of the LendingPoint team,” said Frank Tripoli, Managing Partner and Chief Investment Officer at Paragon Outcomes. “When we met them, they told us they were a ‘credit first’ company and everything we have seen them do since continues to validate that description. We at Paragon Outcomes look forward to LendingPoint’s continued success and being a part of the LendingPoint story as it unfolds.”

LendingPoint processed more than 850,000 applications arising from borrowers requesting more than $9.2 billion in loans during the first quarter of 2018. Since it issued its first loan in 2015, LendingPoint and its Merchant Solutions platform has originated more than 70,000 loans totaling in excess of $500 million.