Business Capital Secures Credit Facility for Automobile Finance Company
Our client has been purchasing automobile financing loans from approximately 30 dealerships in California since 2014. The management team has decades of industry experience specifically working with independent, non-franchise, auto dealers and in providing credit to sub-prime borrowers who have low credit scores or limited credit histories.
The Company was in need of a credit facility to refinance investor debt and to support their plan to grow with the purchase of additional auto loans. Being in a risky industry, it was challenging to find financing at a rate that would both provide a significant discount over their existing facility and additional capital for new expenditures.
Business Capital was retained after being referred by the client’s incumbent bank and was able to deliver financing with the structure and speed needed to allow the client to move forward with their business goals.