Automotive Financing
Large sub/mid-prime auto lender needed a financial management buyout within days of contacting us. Within days, we completed the field audit and lent $27M at 13.5%.
Large sub/mid-prime auto lender needed a financial management buyout within days
Collateral Type: Automobile; lease contracts
Amount: $27M with immediate repayment to $12M
Term: 3 years amortized
Geography: Canada
Large sub/mid prime automotive lender needed to finance a management buyout. Needed a commitment (subject to a field audit) within a few days of contacting us.
Significant business (loan book was over $200M); company is public.
We provided an offer for first lien on the business (second on underlying finance assets).
We offered a $27M initial commitment upon two days of the client approaching us.
Covenant of paydown of large portion of loan immediately after Closing was provided; taking the facility down to @ $12M.
A tangible net worth covenant was set that had to be at least $10M after deducting the amount of our loan facility.