Prestige Financial Establishes a $150 Million Funding Facility with Wells Fargo Securities
July 05, 2011
Prestige Financial Services, Inc. has established a $150 million funding facility with Wells Fargo Securities, LLC. The new arrangement, similar in many ways to a secured revolving line of credit, provides a substantial source of liquidity to fund the Salt Lake City-based auto finance company’s consumer lending activities.
This facility, also referred to as a “warehouse,” will assist Prestige in methodically growing its loan portfolio and completing periodic asset-backed securitizations, longer-term arrangements in which the company receives bulk financing through the capital markets. The warehouse has a renewable one-year term.
“Wells Fargo is a valued business partner, both for Prestige and for our parent, the Larry H. Miller Group of Companies,” notes Bryant Henrie, Prestige’s Chief Operating Officer. “This new and significant commitment from Wells will complement our existing financing sources in facilitating our growth plans.”
Now in its seventeenth year of operations, Prestige Financial provides consumer financing solutions for automobile dealerships both within and outside of the Miller Group, the nation’s tenth-largest auto retailer, in a total of 25 states. Prestige manages a $410 million portfolio and is recognized throughout the industry for its innovative lending programs and strong portfolio performance.
This announcement appears as a matter of record only, and does not constitute an offer to sell or a solicitation of an offer to buy any security.
About Prestige FInancial Services, Inc.
Now in its seventeenth year of operations, Prestige Financial Services, Inc. provides consumer financing solutions for franchised automobile dealerships in 25 states. An affiliate of The Larry H. Miller Group of Companies, Prestige employs more than 250 credit professionals and support staff to service a wide range of borrower types, and is recognized throughout the industry for its innovative lending programs and strong portfolio performance.