This was posted by someone (NeilW) on The Peoples' Forum - has more detail than I've been told. Obviously I can't vouch for it...
We will see but what I have been told tonight
Posted by neilw
on March 22, 2017, 10:56 pm, in reply to "
Is it s P3 as I suggested yesterday ? nt"
82.43.151.120
Is that EFC are utilising LCC's access to cheaper funding with LCC acting as guarantor & picking up a fee from EFC equivalent of 1%,of the capital upfront and 0.25% annually which still means EFC accessing funds at c. 3-3.5% vs7-8% and at a fixed rate.
Having said this I do not know how the person who told me this would know so pinch off salt for now!