Finitive closed a $100 million senior secured warehouse line of credit for its client, Platinum Auto of Tampa Bay, FL.
The facility, which includes an accordion to expand to $150 million, was provided by investment funds managed by an affiliate of Fortress Investment Group, an investment manager with approximately $40 billion of assets under management as of March 31, 2019.
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.
“Through the Finitive platform we were able to efficiently identify several potential financing sources and satisfy needs across our capital structure,” said Michael Kaplanis, CEO of Platinum. “These two credit facilities have substantially expanded our financial capacity and flexibility which will fuel our growth going forward.”
Platinum, headquartered in Clearwater, FL, purchases auto loan contracts from a network of over 300 auto dealers in the southeast region of the U.S. Finitive is a financial technology platform providing institutional investors with direct access to alternative lending investments.
