Daily News: July 17, 2017

Flock Specialty Finance Funds $13MM in June

Atlanta-based Flock Specialty Finance funded more than $13 million in deal volume for June, representing one of its largest months since inception.

During June, FLOCK funded 11 portfolios from 10 customers in nine separate asset classes. With its current pipeline of deal flow, Flock expects 2017 deployments to approach 150% of its 2016 funding volume.

Flock CEO Michael Flock said, “We’re very excited about last month’s funding volume. We believe the market is slowly growing again, and we are pleased that our new financing solution with limited back-end profit sharing is taking off.”

In May, Flock announced a new financing solution to respond to the demands of the marketplace. Flock has expanded its offerings for debt purchasers to include more flexible terms including 60-75% advance rates, limited or no back-end profit participation and no fixed monthly principal and interest payments.