Auto Finance Provider Secures Line of Credit Featured

By Staff Writer July 09, 2019

Finitive, a financial technology platform providing institutional investors with direct access to alternative lending investments, announced the closing of a $100 million senior secured warehouse line of credit for its client, Platinum Auto of Tampa Bay.

The facility, which includes a provision to expand to $150 million, was provided by investment funds managed by an affiliate of Fortress Investment Group LLC.

The facility will be used by Platinum to refinance existing debt, fund new originations, and acquire secondary portfolios from other auto lenders.  In conjunction with the transaction, Platinum also secured a $15 million term loan from a New York-based fund to support its operating and working capital needs. 

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Last modified on Wednesday, 17 July 2019 15:13